The Indicator from Planet Money Venezuela didn't steal U.S. oil. Here's what happened
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Jan 8, 2026 
Francisco Manaldi, Director of the Latin America Energy Program at Rice University, dives into the intricate history of Venezuela's oil industry. He clarifies misconceptions about President Trump's claims of stolen oil, explaining the country's ownership of its resources since the 1920s. The conversation explores the impact of nationalization, Chávez's expropriations, and how sanctions have further hindered recovery. Manaldi highlights Venezuela's untapped production potential while addressing the challenges of its heavy, sour crude and the need for political stability.
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State, Not Firms, Owned The Oil
- Venezuela nationalized oil twice, first in the 1970s and again under Hugo Chávez in the 2000s.
- The companies never owned the oil in the ground; Venezuela always retained ownership.
Chávez's Contract Ultimatum
- Hugo Chávez forced contract changes and made the national oil company the majority shareholder in Orinoco projects.
- Chevron accepted the deal and continued operating, while Exxon and ConocoPhillips were later expropriated and pursued arbitration.
Arbitration Left Big Unpaid Claims
- Exxon and ConocoPhillips won large arbitration awards after expropriation but Venezuela paid only a fraction.
- ConocoPhillips remains one of Venezuela's largest creditors because of unpaid awards.