President Donald Trump on Tuesday announced that Venezuela’s interim authorities will hand over between 30 million and 50 million barrels of crude oil to the United States, a move coming just days after the dramatic removal of long-time leader Nicolás Maduro. Speaking via social media, Trump framed the oil transfer as both an economic and political reset, arguing that the proceeds would serve the interests of Americans while also being used, under U.S. oversight, for the benefit of the Venezuelan people.
According to Trump, the crude will be sold at prevailing market prices, with the revenue placed under the control of the U.S. presidency. He said he had instructed Energy Secretary Chris Wright to begin execution immediately, adding that the oil would be transported by storage vessels straight to U.S. ports for offloading. Trump described the crude as high quality and compliant with sanctions imposed by Washington.
Global markets reacted swiftly. U.S. crude prices slipped following the announcement, reflecting investor caution over the sudden prospect of additional supply and the uncertainty surrounding how the arrangement will unfold in practice. Analysts note that while Venezuela holds some of the world’s largest oil reserves, its production capacity has been severely weakened by years of mismanagement, sanctions, and decaying infrastructure.
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The oil announcement follows a high-stakes U.S. operation in Caracas that led to the arrest of Maduro and his wife, Cilia Flores, who were flown to New York to face federal drug-related charges. Both have denied the allegations. In court, Maduro claimed he was forcibly taken from Venezuela and described himself as a captive rather than a criminal defendant.
Beyond the immediate oil transfer, Washington appears to be positioning itself for deeper involvement in Venezuela’s energy sector. Trump has indicated that major U.S. oil companies could invest heavily in reviving the country’s aging facilities, potentially reshaping an industry that once powered Venezuela’s economy but has since collapsed.