US Wants to Utilize: Venezuela's Crude Oil Reserves 2020-2024

Akbar Ridwan 05/01/2026 13:05 WIB

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US President, Donald Trump, said the US would temporarily take control of Venezuela and would utilize the Latin American country's oil reserves.

Proven Crude Oil Reserves Venezuela (2020-2024)

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Proven Crude Oil Reserves Venezuela (2020-2024)

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The United States (US) military arrested Venezuelan President, Nicolás Maduro, and his wife, Cilia Flores, in an operation on Saturday (January 3, 2026) early morning.

Both were arrested and escorted aboard the US warship USS Iwo Jima. Maduro will be charged under a US Department of Justice indictment accusing him of involvement in narco-terrorism in 2020.

Speaking to reporters, US President, Donald Trump, said he would temporarily lead Venezuela and would utilize the Latin American country's [oil reserves](https://databoks.katadata.co.id/tags/cadangan-minyak). The oil would also be offered to other countries.

"We will run this country until it is time for a safe, proper, and prudent transition," Trump said in a press conference after Maduro's arrest, in Mar-a-Lago, as quoted by Katadata from Associated Press, Sunday (January 4, 2026).

In line with this, data from the Organization of the Petroleum Exporting Countries (OPEC) shows that Venezuela held the largest oil reserves in the world in 2024 with a volume of 303.22 billion barrels.

This volume was equivalent to 19% of the total global reserves of 1.57 trillion barrels in that year.

The calculated figure represents proven crude oil reserves, which are reserves that can be commercially extracted.

Compared to 2023, Venezuela's oil reserves in 2024 increased by 213 million barrels or 0.07%.

During the 2020-2024 period, oil reserves in the country consistently remained above 303 billion barrels, as shown in the graph above.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."