Former U.S. President Donald Trump has claimed that Venezuela will hand over 30 to 50 million barrels of oil to the United States, days after American forces entered the oil-rich South American nation and captured its President.
In a social media post on Tuesday, Trump said Venezuela’s interim government had agreed to “turn over” millions of barrels of what he called “high-quality sanctioned oil” to the U.S. He added that Chris Wright, the U.S. Energy Secretary, has been asked to execute the plan immediately.
According to Trump, the oil would be transported using storage ships and unloaded directly at U.S. ports. He also said the oil would be sold at market price and that the money would be controlled by him to “benefit the people of Venezuela and the United States.” However, he did not explain what Venezuela would receive in return or when the oil shipments would begin.
The claim follows a dramatic U.S. military operation on January 3, during which Venezuelan President Nicolas Maduro was captured in a night-time attack. U.S. media reports said at least 75 people were killed during the operation. Maduro is now in U.S. custody, facing charges related to narco-terrorism.
After the operation, Trump said the U.S. would “run” Venezuela and that American oil companies would return to invest in the country. Later, U.S. officials clarified that Washington was not looking to govern Venezuela directly but would enforce changes through sanctions and a naval quarantine, which is already in place around Venezuelan oil tankers.
Venezuela holds the largest proven oil reserves in the world, but currently produces less than one million barrels per day. At that rate, producing 50 million barrels would take more than two months. At current global prices, the oil could be worth nearly $3 billion.
Venezuela’s interim leader Delcy Rodriguez has not officially responded to Trump’s oil claim. After taking charge earlier this month, she issued a statement calling for peaceful cooperation with the United States and respect for international law.
Trump, however, warned Rodriguez earlier, saying she would “pay a very big price” if she failed to cooperate. He has repeatedly accused Venezuela of “stealing” American oil assets, a claim also supported by U.S. Vice President J.D. Vance.
Venezuela nationalised its oil sector in 1976 and strengthened state control under former President Hugo Chavez. Currently, Chevron is the only American firm operating in the country. Trump is expected to meet executives from Chevron, ConocoPhillips, and Exxon Mobil to discuss future investments.
As global attention turns toward Caracas, many questions remain unanswered—will the oil really flow, and what will Venezuela lose in return?
