Trump pressured Caracas to open up its oil fields to US investors after overthrowing Nicolas Maduro in a deadly US bombing raid on Caracas on January 3. The US president backed Maduro's deputy Delcy Rodriguez to take over, on the proviso that she give Washington access to the world's largest proven oil reserves.

The Trump administration has notified Congress of its plans to explore restoring relations with Venezuela following the US military raid that deposed then-President Nicolas Maduro.

The change could pave the way for more foreign investment in the country's oil industry.