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U.S. President Donald Trump said Venezuela will transfer between 30 million and 50 million barrels of oil to the United States following a surprise U.S. military operation that removed President Nicolás Maduro from power. In a post on his Truth Social platform on Tuesday, Trump said the oil would be sold at market price, with proceeds placed under his control to be used for the benefit of both Venezuela and the United States. “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION barrels of high-quality, sanctioned oil to the United States of America,” Trump wrote. The announcement came one day after Delcy Rodríguez, formerly Venezuela’s vice president, was sworn in as interim president. Maduro has been transported to the United States, where he is expected to face drug-trafficking and weapons charges. Trump has said he expects U.S. oil companies to begin operating in Venezuela within 18 months, arguing that increased Venezuelan oil production would help keep global oil prices low. “Having a Venezuela that’s an oil producer is good for the United States,” Trump told NBC News on Monday. Industry and Analyst Skepticism Energy analysts remain cautious, warning that restoring Venezuela’s oil industry could take tens of billions of dollars and possibly a decade to reach former production levels. Years of underinvestment, sanctions, and infrastructure decay have sharply reduced output. Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels, but production has declined steadily since the early 2000s. Much of the oil is heavy crude, which is more difficult and costly to refine. Currently, Chevron is the only major U.S. oil company operating in Venezuela. A company spokesperson said Chevron remains focused on employee safety and compliance with U.S. laws. ConocoPhillips and ExxonMobil said they are monitoring developments but declined to speculate on future investments. Disputed Claims Over “Stolen” Oil Trump and Vice President JD Vance have claimed Venezuela previously seized American oil assets. While Venezuela nationalized its oil industry in 1976 and increased state control in 2007 under President Hugo Chávez, foreign companies operated under licensing agreements. In 2019, a World Bank arbitration tribunal ordered Venezuela to pay $8.7 billion to ConocoPhillips as compensation for expropriated assets — a sum that remains unpaid. Uncertain Path Ahead Despite the administration’s confidence, experts say oil companies will seek political stability and legal clarity before committing major investments. Even if projects move forward, any significant increase in output is unlikely to materialize for years. For now, Trump’s plan represents a bold and controversial shift in U.S. policy toward Venezuela — one that could reshape energy markets and geopolitics, but faces major economic and practical hurdles.
BusinessUSA

Trump Says Venezuela Will Hand Over Up to 50 Million Barrels of Oil to the U.S.

U.S. President Donald Trump said Venezuela will transfer between 30 million and…

Jessica Monroe
Jessica Monroe