Trump has stated that Venezuela is doing better than ever with oil, crediting his policies with helping to restore the country's energy output. The remarks represent a significant assertion regarding the state of Venezuela's oil sector and the role attributed to his administration's policy decisions in shaping its recovery.

Trump's Claims on Venezuela's Oil Sector

According to the statement, Trump indicated that Venezuela's oil performance has reached a notably strong position, describing it as better than ever. He further attributed this development directly to his own policies, suggesting they have been instrumental in restoring the country's energy output.

Key Highlights

• Trump stated Venezuela is doing better than ever with oil
• He claimed his policies have helped restore the country's energy output
• The remarks directly link his administration's approach to Venezuela's oil sector performance

The statement underscores Trump's position on Venezuela's energy industry, framing his administration's policies as a contributing factor to what he describes as an improved oil output scenario for the country.

Telesat GEO Inc., a subsidiary of Telesat Corporation, is donating high-power satellite capacity to Top Comunications to support disaster recovery efforts in Venezuela following the devastating earthquakes on June 24, 2026. The company is providing high throughput capacity on the Telstar 19 VANTAGE satellite to enable faster restoration of critical communications infrastructure. This support will assist government entities, first responders, and mobile network operators with emergency coordination and public safety operations.

Verisk estimates economic losses from the June 24 earthquake sequence will likely exceed USD 10 billion. The event consisted of a rare earthquake doublet near Yumare-Morón in Yaracuy state, featuring a magnitude 7.2 foreshock followed 39 seconds later by a magnitude 7.5 mainshock. This was the strongest earthquake to impact Venezuela since 1900, with damage most severe in the Caracas metropolitan region and the coastal state of La Guaira.

Earthquake Impact and Loss Estimates

The catastrophe modeling firm noted a higher degree of uncertainty than usual in estimating the insured share of industry losses. This uncertainty stems from Venezuela's macroeconomic conditions, elevated inflation, low insurance penetration, and sanctions-related market complexities. Approximately 1,400 buildings were destroyed in the hardest-hit regions, with significant destruction reported across Aragua, Carabobo, and Yaracuy states.

Satellite Connectivity for Recovery

Glenn Katz, Telesat’s Chief Commercial Officer, emphasized the critical role of satellite connectivity in the aftermath of natural disasters. The donation aims to bridge communication gaps caused by the destruction of terrestrial infrastructure. Top Comunications will utilize the capacity to restore services in areas where ground networks were compromised by the seismic activity.

Modeling and Market Conditions

Verisk’s modeled insured loss estimates exclude losses from fire-following, landslides, sprinkler leakage, and loss adjustment expenses. The estimates also omit civil engineering risks, marine cargo and hull risks, aviation risks, and personal accident risks. Venezuela's insurance and reinsurance sector remains relatively small and highly concentrated, operating under challenging macroeconomic conditions that complicate loss estimation.