Big Take Asia Podcast

The Trump Administration’s Case for Venezuela’s Oil

On today’s Big Take podcast: President Trump has big plans for Venezuela’s oil. What will it take to make them a reality?

A man holds a placard during a protest showing US President Donald Trump drinking from a barrel of oil outside the US Embassy of Madrid on Jan. 4.Photographer: Marcos del Mazo/LightRocket/Getty Images

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By David Gura and Rachael Lewis-Krisky

January 9, 2026 at 10:22 PM UTC

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After the Trump Administration’s strike on Venezuela and the arrest of President Nicolás Maduro, there’s one word on everyone’s mind: oil. President Trump has big plans for the country’s vast reserves, which today account for just 1% percent of global production.