U.S.-backed forces removed Maduro in Jan 2026, seizing oil control amid ongoing challenges to revive Venezuela’s crippled industry.

In January 2026, a U.S.-backed military operation removed Venezuela’s president, Nicolás Maduro, leading to U.S. control of the country’s oil assets, eased sanctions, and interim management of crude sales and reinvestment. Despite Venezuela’s vast oil reserves and rising global prices, the industry remains crippled by decades of mismanagement, infrastructure decay, and a brain drain, requiring over $100 billion and at least five years to restore. Major oil companies remain hesitant due to legal uncertainties and an unattractive business climate, with no major investment commitments yet made, leaving the path to a full industry revival uncertain.