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After Iraq, as the US carried out another invasion, capturing Venezuelan president Nicolas Maduro, Trump has been brazen and unabashed about his motive. It's all about Venezuela's oil and its minerals. The two other countries he has threatened -- Greenland and Colombia -- have large deposits of rare earths and minerals.
US President Donald Trump at an oil refinery in the US
New Delhi,UPDATED: Jan 7, 2026 11:43 IST
In 2003, the US justified its invasion of Iraq and toppling of Saddam Hussein citing possession of weapons of mass destruction (WMDs), links to al-Qaida, and concerns for regional security. The George W Bush administration pretended it was not about oil, even though the jury was out. Now, 23 years later, as the US carried out another invasion, capturing Venezuelan president Nicolas Maduro, Trump has been brazen and unabashed about his motive. It's all about Venezuela's oil and its minerals.
Gone are those days when the US used to frame its interventions around ideology and democracy. The US initially claimed the Venezuela invasion was to eliminate the drug trafficking network. In fact, the drug network Cartel de los Soles, the pretext Trump used to justify the invasion, does not even exist. However, after Maduro's capture, Trump has not been shy about publicly declaring his desire to gain access to Venezuela's proven oil reserves - the largest in the world.
VENEZUELA IS ALL ABOUT OIL
There were already tell-tale signs about Trump's real motive. Like, the US President briefing oil executives ahead of the attack on Venezuela, something he did not do for the members of Congress. Even before a handcuffed and blindfolded Maduro was brought to the US, Trump triumphantly declared that the US would take control of Venezuela's oil industry.
"The oil companies are going to go in. They are going to spend money. We are going to take back the oil that, frankly, we should have taken back a long time ago... A lot of money is coming out of the ground, we are going to be reimbursed for everything we spend," Trump told reporters on Monday.
Data might be the new oil, but oil remains a strategically crucial resource for global energy needs. And the attack on Venezuela has brought the issue of oil to the forefront of geopolitics once again.
With 303,221 million barrels, Venezuela accounts for nearly one-fifth of the global total. However, despite having the world's largest crude oil reserves, it accounts for less than 1% of global production. This is largely due to US sanctions and mismanagement.
Now, taking control of Venezuelan oil will allow Trump to corner the global oil market. That equals unprecedented power in the hands of the 79-year-old eccentric US President, who is eyeing the Nobel Peace Prize this year. However, it is a pipe dream for now as Venezuela's output is just 1.1% of the world's oil supply.
Trump is, however, undeterred. On Wednesday, he offered a glimpse of his plan, announcing that the interim government in Venezuela would transfer 30-50 million barrels of oil to the US, and the proceeds would be controlled by his administration.
"This oil will be sold at its market price, and that money will be controlled by me," Trump said on Truth Social.
Now, for a debt-ridden US, it means significant revenue. The current US debt stands at $38.4 trillion. Presently, Venezuelan oil is trading at around $55 per barrel. Thus, the sale of 50 million barrels will generate around $2.75 billion. It's a small amount, but a start.
EYE ON MINERALS AS WELL
In addition to its vast oil reserves, Venezuela boasts significant deposits of precious metals and other valuable resources, including rare earths that are vital for the US technology and defence industries. Venezuela's Guayana Shield region is rich in deposits of gold, diamonds, iron ore, and bauxite.
Trump has his eyes on these as well, and he hasn't shied away from them. Earlier this week, US Commerce Secretary Howard Lutnick, standing beside Trump, called for reviving Venezuela's mining sector, which has long been plagued by political instability and illegal operations.
"You have steel, you have minerals, all the critical minerals, they have a great mining history that's gone rusty. President Trump is going to fix it and bring it back," Lutnick said.
The timing is crucial, coming amid China's weaponisation of its dominance of global rare earth supplies. Even though China relaxed some export controls after agreeing to a trade truce with the US in November, Washington is looking to reduce its reliance on Beijing.
REAL MOTIVE BEHIND GREENLAND
However, Trump does not seem to be in the mood to stop with Venezuela. He has already stepped up efforts to annex Greenland and has threatened Colombia -- two countries that have large deposits of rare earths and other minerals.
For Greenland, Trump has been direct and dropped all pretence -- the US wants the autonomous territory of Denmark at all costs, even if it means using the military. The US President has hinted that a move might be made within the next two months.
On the surface, Trump has said that acquiring Greenland was crucial for national security amid growing interest from adversaries Russia and China. However, US administration officials have said the island was crucial to the US due to its deposits of minerals.
According to the US Geological Survey, Greenland has 1.5 million metric tonnes of largely untapped rare earth reserves. However, extraction is difficult due to Greenland's harsh climate.
The developments and Trump's moves are striking. Gone are the days when US administrations would cloak such invasions in the carefully crafted language of democracy and security. Like the example cited of Iraq. However, there is no such pretence by an increasingly transactional Trump.
- Ends
Published By:
Abhishek De
Published On:
Jan 7, 2026
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