The U.S. decision to topple Venezuelan leader Nicolas Maduro should have a positive impact on world energy markets, Hungarian Prime Minister Viktor Orban said on Monday, adding that the U.S. and Venezuela would control up to half of global oil reserves.

In the biggest U.S. intervention in Latin America since the 1989 invasion of Panama, Special Forces swooped into Caracas in helicopters over the weekend and apprehended Maduro before taking him to New York to face drugs charges.

U.S. President Donald Trump, Orban's ally, who has exempted Hungary from U.S. sanctions on Russian energy for the 2026 Hungarian election year, has made clear that he wants to share in Venezuela's oil riches.

"What I consider important for Hungary from this is that, together with Venezuela, the United States, by my estimation, will be able to control 40-50% of the world's oil reserves," Orban said at an annual news conference for international media.

"This is a power already capable of significantly influencing the world market price of energy... I see a strong chance that as a result of bringing Venezuela under control, a more favourable global energy situation will emerge for Hungary, and that is good news."

Advertisement · Scroll to continue

Budapest has angered many fellow members of the European Union and NATO by continuing to import Russian oil and gas. While insisting that this remains necessary, Budapest has also been taking steps to diversify supplies.

State-owned MVM group signed a 5-year deal with U.S. energy company Chevron (CVX.N), opens new tab for the supply of 2 billion cubic metres of liquefied natural gas in December. (Reuters)

Update news