Days after U.S. forces captured Nicolás Maduro, President Donald Trump revealed his first concrete plan regarding Venezuelan oil. He announced that Venezuela would provide up to 50 million barrels of oil, which will be sold at market prices.
In a post on the social media platform Truth Social, Trump stated that the interim authorities in Venezuela would hand over between 30 and 50 million barrels of high-quality, sanctioned oil to 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,” he wrote.
Value and Control of Oil Revenues
The oil is estimated to be worth up to $2 billion. Trump emphasized that the proceeds from selling this oil would be under his control as president.
“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!” he said.
Logistics of the Oil Transfer
Venezuela currently has millions of barrels of oil sitting on tankers and in storage tanks, unable to ship due to a blockade imposed by the U.S. administration since mid-December. Trump instructed Energy Secretary Chris Wright to implement the plan immediately.
“It will be taken by storage ships, and brought directly to unloading docks in the United States,” he revealed.
Background: Military Action and Political Pressure
According to Trump, this agreement demonstrates that the Venezuelan government is responding to U.S. demands to open up to American interests or face further military action. The U.S. operation in Venezuela reportedly killed at least 24 security officials during the capture of Maduro.
The military action followed the imposition of an oil blockade, part of a strategy to pressure Maduro’s government.
Venezuelan Response and Accusations
Top Venezuelan officials have described Maduro’s capture as a kidnapping and accused the U.S. of attempting to seize the country’s extensive oil reserves. Trump had previously stated that the United States would control Venezuelan oil.
U.S. Coordination with Oil Companies
The White House is planning an Oval Office meeting with executives from major oil companies, including Exxon, Chevron, and ConocoPhillips, to discuss Venezuelan oil.
Following Trump’s announcement, U.S. crude prices fell more than 1.5%, as markets anticipate an increase in Venezuelan oil exported to the United States.
