"President Donald Trump demanded Wednesday that Venezuela return assets that it seized from U.S. oil companies years ago, justifying anew his announcement of a "blockade" against oil tankers traveling to or from the South American country that face American sanctions. Trump cited the lost U.S. investments in Venezuela when asked about his newest tactic in a pressure campaign against leader Nicolás Maduro, suggesting his administration's moves are at least somewhat motivated by disputes over oil investments, along with accusations of drug trafficking."
"Some sanctioned tankers already are diverting away from Venezuela. "We're not going to be letting anybody going through who shouldn't be going through," Trump told reporters. "You remember they took all of our energy rights. They took all of our oil not that long ago. And we want it back. They took it - they illegally took it." U.S. oil companies dominated Venezuela's petroleum industry until the country's leaders moved to nationalize the sector,"
"U.S. oil companies dominated Venezuela's petroleum industry until the country's leaders moved to nationalize the sector, first in the 1970s and again in the 21st century under Maduro and his predecessor, Hugo Chávez. Compensation offered by Venezuela was deemed insufficient, and in 2014 an international arbitration panel ordered the country's socialist government to pay $1.6 billion to ExxonMobil. While Venezuela's oil has long dominated relations with the U.S., the Trump administration has focused on Maduro's links to drug traffickers,"
President Trump demanded that Venezuela return assets seized from U.S. oil companies and announced a blockade on tankers traveling to or from Venezuela that face U.S. sanctions. He cited lost U.S. investments, calling past nationalizations illegal and asserting a right to recover assets. U.S. oil companies had dominated Venezuela before nationalizations under Hugo Chávez and Nicolás Maduro; an arbitration panel ordered Venezuela to pay $1.6 billion to ExxonMobil after compensation was found insufficient. The administration also accuses Maduro of facilitating drug trafficking and using oil to fund crimes. Some sanctioned tankers are diverting, and U.S. forces seized an oil tanker amid a military buildup that includes the Navy's most advanced aircraft carrier. The military has carried out strikes on suspected drug boats in the Caribbean Sea and eastern Pacific Ocean.
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