Trump says he welcomes Chinese investment in Venezuelan oil
Venezuela sits on the world's largest proven oil reserves and reformed laws this week to open the sector up to private and foreign investment.
US President Donald Trump speaks to members of the media aboard Air Force One as he travels from Washington, DC to West Palm Beach, Florida, on January 31, 2026. (Photo by SAUL LOEB / AFP)
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WASHINGTON — US President Donald Trump said Saturday he would "welcome" Chinese investment in Venezuela's oil industry as the South American country seeks to revive its battered economy following the ouster of leader Nicolas Maduro.
Venezuela sits on the world's largest proven oil reserves and reformed laws this week to open the sector up to private and foreign investment.
China had been the dominant buyer of Venezuelan oil under Maduro, whose January 3 capture by US forces drew condemnation from China's foreign ministry and made uncertain Beijing's future with Caracas.
"China is welcome to come in and would make a great deal on oil. We welcome China," Trump told reporters Saturday on Air Force One.
He noted Venezuela's Interim President Delcy Rodriguez on Friday agreed to an energy cooperation deal with India.
Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. The United States on January 29 eased sanctions on Venezuela's oil industry after Venezuelan lawmakers passed reforms paving the way for US companies to return—a key goal of President Donald Trump's intervention in the country. (Photo by Maryorin Mendez / AFP)
"India is coming in and they're going to be buying Venezuelan oil as opposed to buying it from Iran, so we've already made that deal, the concept of the deal, but China is welcome to come in and buy oil," Trump said.
Trump, who has said Washington is now "in charge" of Venezuela, said the United States and Caracas would share oil profits and noted the US was "getting along very well with the leadership of Venezuela. They're doing a really good job."
"We're going to be selling a lot of oil, and we'll take some, and they'll take a lot, and they're going to do very well. They're going to make more money than they've ever made, and it's going to be beneficial to us," he said.
Trump also suggested the US would work out a "deal" with Cuba after threatening tariffs on countries who give the country oil.
"I think they probably would come to us and want to make a deal so Cuba would be free again," Trump said Saturday of Cuban leaders.
"I think we’re going to work a deal with Cuba. I think, you know, we'll be kind."