Does the US have any real claim on Venezuelan oil as Stephen Miller says?

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In December 2025, former Trump advisor Stephen Miller claimed Venezuela's oil "belongs to Washington," citing US companies' historical role in developing the country's oil industry before its nationalization in the 1970s. Miller alleged that Venezuela's "expropriation" was a theft of American wealth used to fund terrorism and drug trafficking. This statement followed President Trump's announcement of a "total and complete blockade" of sanctioned oil tankers entering or leaving Venezuela. The US has amassed a significant military presence near Venezuela and conducted strikes on alleged drug trafficking boats. Venezuela possesses the world's largest proven oil reserves, primarily located in the Orinoco Belt.
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