Watch live coverage as President Trump participates in a meeting with oil and gas executives at the White House.

The country’s oil industry has undergone major shifts and two waves of nationalization since its first well started pumping in 1914.

Energy experts say the US and China are diverging on the energy transition, with China sprinting far ahead on renewables and EVs, while the US doubles down on drilling oil at home and abroad.

Environmental experts are warning that the U.S. push to revamp and boost Venezuela’s vast oil reserves could worsen decades of ecological damage and increase planet-warming pollution in a country already struggling with the legacy of a long-declining petroleum industry.

In a social media post on Tuesday, Trump said Venezuela would hand over 30 to 50 million barrels of oil to the U.S., which in turn would sell them at their market price. The resulting funds -- as much as $2.8 billion at current prices -- will “benefit the people of Venezuela and the United States,” Trump said.

When the markets reopened on Monday, however, just three oil company stocks seemed to benefit. Here's why these three oil stocks surged after Venezuelan President Maduro's capture and whether they're likely to reap long-term gains. Image source: Getty Images.

The global oil market is likely to be under pressure in 2026 as growing supply and weak demand curb prices, and traders monitor OPEC+ for policy signals and any attempts to bolster the market, a Reuters poll showed on Monday.