Balance of Power – “Trump Eyes Venezuela Oil Control”
Bloomberg | January 5, 2026
Hosts: Joe Mathieu, Kailey Leinz

Episode Overview

In this high-stakes episode, Bloomberg’s Washington correspondents break down the seismic developments following the dramatic U.S. capture of Venezuelan President Nicolás Maduro. With Trump's declaration that the U.S. will “run” Venezuela until a "safe, proper and judicious transition," the show examines the legal, political, economic, and geopolitical ripple effects. Experts and politicians provide insight into what this means for Venezuela’s future, U.S. policy in Latin America, global energy markets, and broader international law.

Key Discussion Points & Insights

1. Maduro's Capture & American Legal Process

• Maduro Arrested, Faces US Court

  • Nicolás Maduro, arrested in a U.S. military operation in Caracas, faced federal court in New York, pleading not guilty to narco-terrorism charges ([03:14]).
  • His wife, Celia Flores, also pleaded not guilty.
  • Both are held at the Metropolitan Detention Center in Brooklyn, notorious for harsh conditions.

  Quote:
  “He entered a plea of not guilty during his arraignment here at federal court… through an interpreter telling Judge Alvin Hellerstein that he is not guilty, he is innocent and is a decent man, and most importantly, that he’s the president of his country.” — Miles Miller, Bloomberg ([03:37])

• Conditions in Detention

  • Reported as “barbaric,” a sharp contrast to his life in the presidential palace just days before ([06:04]-[06:26]).

2. U.S. Policy & Trump's “Donroe Doctrine”

• Direct U.S. Control, Timeline for Democracy

  • Trump: U.S. will “run the country until such time as we can do a safe, proper and judicious transition,” not willing to let another regime fill the vacuum ([02:28], [07:38]).
  • The U.S. aims to rebuild Venezuela’s oil industry—a $100 billion, decade-long project—before a democratic transition ([11:16]).
  • Trump signals willingness for more military action if needed, stating, "We’re not afraid of boots on the ground if we have to have…" ([07:38])

  Quote:
  "We’re going to run the country until such time as we can do a safe, proper and judicious transition. We don’t want to be involved with having somebody else get in... So we are going to run the country." — President Trump ([02:28])

• Political & Legal Risks

  • Scholars warn of overstepping constitutional and international norms; comparisons are drawn to “de-Baathification” post-Iraq ([11:16]-[12:50], [25:35]).

  Quote:
  “The Constitution says very clearly Article two, you cannot go into a foreign country and remove the President without the authorization of Congress. There’s no if, ands or buts about this. This was a violation of U.S. law, UN Charter, the U.S. constitution.” — Jeannie Shan Zaino, Harvard Kennedy School ([26:19])

3. Who is Running Venezuela Now?

• Acting President Delcy Rodríguez

  • With Maduro’s ouster, Delcy Rodríguez, former VP and intelligence operative, is now interim president ([09:06], [46:17]).
  • Debate swirls over her autonomy and willingness (or lack thereof) to cooperate with U.S. demands, under threat of “a second strike” if local officials do not comply ([47:24]).

  Quote:
  "She has a lot of connections in and around the country. I think that's exactly why the Trump administration is relying on her... to keep some modicum of stability." — Leland Lazarus, Lazarus Consulting ([46:56])

4. Economic Stakes—Oil & Industry

• Oil Market Revival

  • Oil majors like Chevron (already present), ExxonMobil, and ConocoPhillips are expected to play a huge role in Venezuela’s recovery, but infrastructure demands massive investment and time ([01:21], [31:39], [54:07]).
  • Some in Congress criticize that oil companies were read in on White House plans before lawmakers ([33:16]).

  Quote:
  “We now have access to a country that has the world’s largest oil reserves. It has so much gold, the most in all of Latin America, other critical minerals... It dislodges our main competitors, right, Russia, China and Iran.” — Leland Lazarus ([48:53])

• Market Response

  • Chevron, Exxon stocks surge; crude oil prices rise (WTI up 1.5%) ([31:39], [52:13]).
  • But experts warn that long-term supply/demand trends may keep oil prices in check ([53:11]).

5. Geopolitical Fallout

• Domino Effects: Cuba, Nicaragua, Colombia

  • Trump and allies predict a “domino effect” in the region, threatening regimes in Cuba and Nicaragua ([13:50], [48:17]).

  Quote:
  “Cuba looks like it's ready to fall. I don't know how they can hold out...” — President Trump ([13:50])

• China, Russia, Iran: Losers in the Deal?

  • Analysts note Venezuela was a beachhead for Russian, Chinese, and Iranian influence in Latin America ([35:20], [48:53]).
  • Europe is concerned about the disruption to sovereignty and international law even if happy to see Maduro gone ([33:51], [34:44]).

6. U.S. Domestic Political Implications

• Impact on GOP and MAGA

  • Trump’s switch from non-interventionist rhetoric to aggressive intervention divides opinion in the MAGA base and Congress ([19:45]).
  • Sec. of State Marco Rubio’s hawkish rise as policy leader is noted ([24:29]).

  Quote:
  “MAGA likes it when Donald Trump is a bully and tough guy. They like it when, you know, he talks about taking economics out of one country and putting it into ours. They're going to like this... So, yeah, I think it's a strength builder for Republicans.” — Rick Davis ([21:41])

• Legal/Constitutional Concerns and War Powers

  • Democrats plan to force a War Powers vote, but expectations are it will fail and have little impact on appropriations or overall administration direction ([27:00]).

Notable Quotes & Moments (with Timestamps)

• Maduro’s Arraignment:
  "He is not guilty, he is innocent and is a decent man, and most importantly, that he's the president of his country." — Miles Miller ([03:37])

• Trump on U.S. Control:
  "We’re going to run the country… So we are going to run the country." — President Trump ([02:28])

• Conditions in Detention:
  “Not great conditions… They get three meals a day, they’re leaky faucets, seven foot cells. Not great conditions. One judge here… said that they were barbaric.” — Miles Miller ([06:26])

• Delcy Rodríguez’s Role:
  “She has a lot of connections… I think that's why the Trump administration is relying on her... to keep some modicum of stability.” — Leland Lazarus ([46:56])

• Geopolitical Stakes:
  "It dislodges our main competitors, right, Russia, China and Iran from what they've been using as a strategic beachhead in the region for so long." — Leland Lazarus ([48:53])

• Europe’s View:
  "Concern for the violation of sovereignty and the respect for international law" — Heather Conley on Europe’s muted support and legal concerns ([33:51])

• Greenland & Resource Grab:
  "We need Greenland from a national security situation. It's so strategic right now. Greenland is covered with Russian and Chinese ships all over the place." — President Trump ([37:40])

Major Segments & Timestamps

• Maduro’s arrest, legal case, and prison conditions: [00:56]–[07:09]
• Trump’s intentions and US control (“Donroe Doctrine”), boots on the ground: [02:28], [07:38]
• Who runs Venezuela now: Delcy Rodríguez & US control: [09:00], [46:17]
• Rebuilding Venezuela’s oil, economic needs, company involvement: [01:21], [11:16], [31:39], [54:07]
• International response: Europe, China, Russia, Iran: [33:51], [34:44], [35:20], [36:26]
• Geopolitical expansion: Cuba, Nicaragua, regional domino theory: [13:50], [48:17]
• Political impact in the US, constitutional questions, Rubio’s role, War Powers: [19:45], [24:29], [26:19], [27:00]
• Market and energy impact: [31:23], [52:13]
• Greenland as strategic asset: [37:40], [39:44]
• Show close and further coverage: [55:25] onward

The Bottom Line

This episode captures a moment of global consequence as the Trump administration’s bold move upends not just Venezuela but sharpens tensions across the Americas and with rivals like Russia and China. The expert guests probe the “Donroe Doctrine” in action—part resource grab, part security operation, and part experiment in regime change—with plenty of warnings about legal and practical blowback. The entire world, from Wall Street oil traders to European capitals, is now watching Venezuela like never before.