President Trump is pushing for U.S. oil companies to tap into Venezuela's oil reserves following the raid over the weekend that captured Nicolás Maduro. Ed Hirs, energy fellow at the University of Houston, joins CBS News to discuss.

Washington

The U.S has launched strikes on sites inside Venezuela, including military facilities and arrested Venezuelan President Nicolás Maduro along wife his wife.

Venezuela Strikes

Chevron, ConocoPhillips, and Exxon are planning to meet with U.S. officials to discuss potential investments in Venezuela's oil industry, which holds the world's largest crude oil reserves but has seen production decline significantly in recent decades. Following the U.S. capture of President Maduro, President Trump announced that American oil companies would invest billions to repair Venezuela's aging infrastructure, though Chevron is currently the only U.S. company operating there.

Energy expert Ed Herz stated that restoring Venezuela's oil sector would require substantial financial investment and several years before significant results are seen. He also noted that increased Venezuelan oil production would not have an immediate effect on U.S. gasoline prices, as crude prices are mainly determined by OPEC, and the U.S. currently relies on heavy crude imports from Canada and Saudi Arabia.

U.S. looking to tap Venezuelan oil reserves

Two sources confirmed to CBS News that Chevron, ConocoPhillips, and Exxon are planning to meet with Trump administration officials later this week to discuss Venezuela. The meetings come as President Trump says the U.S. will, quote, get the oil flowing in Venezuela as the U.S. temporarily takes control of the country. Venezuela has the world's largest crude oil reserves, currently holding more than 300 billion barrels. As of 2023, they account for 17 percent of global oil reserves. The country currently produces just one million barrels of oil per day, down from three million in the 2000s. Following the U.S. capture of President Maduro, President Trump said that American oil companies will spend billions to fix Venezuela's aging oil infrastructure. That being said, Chevron is currently the only U.S. oil company operating in Venezuela. And as the markets close today, Chevron stock is up more than five percent. ExxonMobil up more than two percent. ConocoPhillips is up more than two and a half percent. Ed Herz joins us now. He's an energy fellow at the University of Houston. Thank you so much for being here. So for oil companies, where would they even start? Would it be worth it for them? Not unless they can see a way to get the oil out, get their people back out and get profits out. This is years of reinvestment that needs to occur. You know, keep in mind that Venezuela produced three and a half million barrels of oil a day 55 years ago. Today, about one, one and a half million barrels a day, of which half a million gets exported. It's going to require a huge amount of money to go in and repair the infrastructure that has been decayed, cannibalized for the last 25 years. And Wall Street won't let them do it. The U.S. oil companies have been the worst performing segment in the S&P 500 for the last 12, 15 years. It's not good. And so they're going to have a huge financial discipline to follow before they start making investments and sending hundreds of professionals into Venezuela to restore the oil patch there. If that is the route that they take, how long would that rebuilding effort take and how long would it take to affect U.S. gas prices? It's not going to have an impact on gasoline prices. The price for crude is governed mainly by the OPEC ministers. Certainly Venezuela is a member of OPEC. Keep in mind that we're getting all the heavy crude we need from Canada right now. That's about four million barrels a day. We get some from Saudi Arabia, a little bit from Mexico. But Mexico, like Venezuela, has had its oil productive capacity diverted to other priorities of the government. And so they're not that important anymore. But if we were to start today, get into the production sharing agreements, renegotiate those, bring U.S. capital in and U.S. personnel, you're probably looking at five years before really there's a significant flow of additional oil coming out of the country. Would there need to be facilities and equipment here to handle that oil? Are we equipped with that? We are equipped. We've been importing heavy crudes from Venezuela, from Mexico for many years. Since that production has fallen off, we've turned to our closest ally, Canada, who's been able to provide us with about four million barrels a day of heavy crude. And additionally, of course, we get heavy crude from Saudi Arabia. Ed Herz, thank you so much.

U.S. forces have boarded a Venezuela-linked sanctioned oil tanker in the North Atlantic after pursuing it for weeks. The U.S. military also announced the seizure of a sanctioned tanker ship in the Caribbean Sea, the second vessel taken by American forces on Wednesday.

U.S. seizes two more sanctioned oil tankers with links to Venezuela

A woman was fatally shot by an ICE officer Wednesday morning in Minneapolis, the Department of Homeland Security says. CBS News' Nicole Sganga reports from the scene.

Minneapolis

Protesters gather after ICE shoots and kills woman in Minneapolis

The U.S. seized a Russian-flagged oil tanker that was being shadowed by a Russian submarine on Wednesday (Jan. 7), after a more than two-week-long pursuit across the Atlantic as part of a U.S. "blockade" of Venezuelan oil exports.

U.S. seizes Venezuela-linked oil tanker after weeks-long pursuit

Nick Reiner, the son of Rob and Michele Reiner, is set to be arraigned in the killing of his parents, Rob Reiner and Michele Singer Reiner. It comes as details emerge about his time in custody and how his mental health history could play a role in his case.

Los Angeles

Nick Reiner due in court on murder charges

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Paris

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Tehran

Iran's President urges security forces not to target protesters

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Nuuk

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Donald Trump says Venezuela will hand over as much as 50 million barrels of oil and he will control the profits.

Trump says Venezuela will turn over 30-50 million barrels of oil

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London

Ukraine Invasion

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Bogotá

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Jerusalem

Middle East Conflict

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Soweto

Ramaphosa urges UN action after U.S. capture of Maduro

At least 25 people have been killed in Iran during the first nine days of protests that started in the bazaar of Tehran over the plunging value of the currency and soaring inflation, according to rights groups. This video contains graphic images.

Rights groups say at least 25 dead in Iran protests

The administration of President Donald Trump is planning to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production after U.S. forces ousted its leader Nicolas Maduro, according to a source familiar with the matter.

Trump administration sets meetings with oil firms on Venezuela: source

Uncertainty in Venezuela has crossed into neighboring Colombia, especially after U.S. President Donald Trump suggested Colombian President Gustavo Petro could face U.S. action following the capture of Nicolás Maduro.

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Nicolas Maduro appeared in a US courtroom on January 5, 2026. He pleaded "Not Guilty" to drug trafficking and other charges, insisting he is still Venezuela's president. Maduro's kidnapping is being justified by the Trump administration as a "surgical law enforcement operation", but what proof is the case resting on?

New York

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Crans-Montana

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Beit Jinn

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Caracas

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Manhattan

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A Paris court on Monday (January 5) found 10 people guilty of the cyber-harassment of France's first lady, Brigitte Macron, for spreading false claims that she is a transgender woman who was born male.

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A Paris ​court on Monday found ten people guilty ⁠of the cyber-harassment of France's first lady, Brigitte Macron, for spreading false claims she is a transgender ​woman who was born a man. The court convicted all defendants to sentences ranging from a cyberbullying awareness training to 8-month suspended prison sentences.

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Venezuelan President Nicolás Maduro is set to appear in a U.S. court on Monday (January 5) on drug charges after his controversial capture by American forces. President Donald Trump says he could order another strike if Venezuela’s interim government doesn’t cooperate.

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Former Venezuelan President Nicolás Maduro is being housed at Metropolitan Detention Center, Brooklyn, after he was captured by U.S. forces and flown to New York to face federal drug trafficking and weapons charges.

U.S. looking to tap Venezuelan oil reserves

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Venezuela Strikes