Trump Announces Venezuela to Transfer Up to 50 Million Barrels of Oil to U.S.

U.S. President says oil will be sold at market prices, with proceeds controlled by his administration for the "benefit" of both nations.

U.S. President Donald Trump has declared that Venezuela will hand over between 30 and 50 million barrels of oil to the United States. The announcement follows the U.S. military operation that led to the capture of Venezuelan President Nicolás Maduro.

In a post on his Truth Social platform on Tuesday, Trump stated the oil would be "sold at market prices" and that he would control the resulting revenues to "ensure the money is used to benefit the people of Venezuela and the U.S." He directed Energy Secretary Chris Wright to execute the plan "immediately," specifying that the oil would be transported by storage ships to U.S. unloading docks.

This move aligns with Trump's earlier pledge to "take back" Venezuela's vast oil reserves and revitalize its crippled energy industry. He has suggested that U.S. oil companies are ready to invest billions in rebuilding the country's infrastructure. Executives from Chevron, ExxonMobil, and ConocoPhillips are scheduled to meet with the president on Friday to discuss Venezuela, according to U.S. media reports.

Analysts note that significant questions remain. Energy expert Mark Finley of the Baker Institute highlighted that the timeframe for the 30-50 million barrel transfer is critical for assessing its impact, noting it could represent either nearly all of Venezuela's current monthly output or a relatively small annual amount.

Restoring Venezuela's oil production, which has plummeted due to sanctions, mismanagement, and corruption, would require massive investment—an estimated $110 billion to return to 2 million barrels per day, according to consultancy Rystad Energy. Market watchers remain skeptical about large-scale U.S. corporate investment, citing past asset seizures under former President Hugo Chávez and a current global oil surplus.

Venezuela, despite holding the world's largest proven oil reserves, currently accounts for less than 1% of global output.