US President Donald Trump has announced that Venezuela will send up to 50 million barrels of oil to the US, days after Washington’s offensive on the Latin American country and the dramatic capture of its president, Nicolas Maduro.
In a post on X, Trump said the oil will be sold at 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!”
He further said that he has asked Energy Secretary Chris Wright to execute the plan. “It will be taken by storage ships and brought directly to unloading docks in the United States,” he added.
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Trump’s remarks followed the swearing-in of Delcy Rodríguez, formerly Venezuela’s vice-president, as the country’s interim president a day earlier. Nicolás Maduro, who led Venezuela for more than a decade, has since been taken to the United States, where he is expected to face drug-trafficking and weapons-related charges.
The sudden leadership change has intensified Washington’s focus on Venezuela’s vast energy resources. Speaking to NBC News on Monday, Trump argued that restoring Venezuela as a major oil producer would serve U.S. interests by helping keep global oil prices in check. “Having a Venezuela that’s an oil producer is good for the United States,” he said.
US Oil Companies Weigh Risks And Rewards
According to CBS, representatives from major American petroleum companies are expected to meet Trump administration officials this week to discuss Venezuela’s energy future. Trump has repeatedly suggested that U.S. firms have the expertise to repair and modernise the country’s long-neglected oil infrastructure.
Venezuela holds an estimated 303 billion barrels of oil, the largest proven reserves in the world, yet production has steadily declined since the early 2000s. Years of underinvestment, sanctions and mismanagement have left facilities outdated and output sharply reduced.
The Trump administration believes those reserves could significantly bolster U.S. energy prospects. However, analysts note that reviving production would require heavy investment, and Venezuelan crude is notoriously heavy, making it more expensive and difficult to refine.
At present, Chevron is the only US oil company operating in Venezuela. Asked about Trump’s plans, Chevron spokesperson Bill Turenne told the BBC that the company remains focused on employee safety and the integrity of its assets. “We continue to operate in full compliance with all relevant laws and regulations,” he said.
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