President Donald J. Trump said Venezuela will turn over between 30 and 50 million barrels of sanctioned oil to the United States following a US military operation that removed Nicolás Maduro from power.
Trump announced the plan in a social media post, saying the oil would be sold at market price and that the proceeds would be controlled by the US government. “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. “This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.”
The announcement came days after Maduro was taken into US custody to face drug trafficking and weapons charges. An interim leadership has since been installed in Venezuela, which Trump said is cooperating with Washington on energy and security matters.
Trump said restarting Venezuela’s oil production would help stabilize global energy markets and keep prices down. He also claimed US oil companies would be able to restore Venezuela’s oil infrastructure within 18 months, adding that major investments are expected once sanctions conditions are addressed.
Venezuela holds the world’s largest proven crude oil reserves, but production has collapsed over the past two decades due to underinvestment, sanctions, and operational failures. Much of its crude is heavy and difficult to refine, making large-scale recovery costly and technically complex.
Energy experts have warned that reviving Venezuela’s oil sector would take years and require tens of billions of dollars, casting doubt on claims of a rapid turnaround. Current output remains far below historical levels, and much of the country’s infrastructure has deteriorated.
At present, Chevron is the only major US oil company still operating in Venezuela under limited authorization. Other US firms, including ConocoPhillips and Exxon, exited the country years ago following nationalization and legal disputes over seized assets.
The developments have raised questions over the legal and geopolitical implications of US control over Venezuelan oil sales, as well as the long-term impact on regional stability. The situation remains fluid as the United States moves to formalize its energy plans with Venezuela’s interim authorities.
