Three days after US President Donald Trump launched a major military operation in Venezuela, he announced on Tuesday that the country’s interim authorities had agreed to hand over between 30 million and 50 million barrels of sanctioned oil to the United States, a deal he said could be worth up to $2 billion at current market prices
In a post on Truth Social, Trump said he had directed Chris Wright, the US Energy Secretary, to immediately begin executing the plan. According to Trump, the oil will be loaded onto storage vessels and transported directly to unloading docks in the United States.
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“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,” Trump wrote.
Trump added that proceeds from the oil sales would be controlled by him as president, saying the funds would be used to benefit both Venezuela and the United States. Reuters estimates the oil could generate up to $2 billion in revenue at prevailing prices.
The announcement follows last weekend’s US-backed military operation that led to the arrest of Venezuelan leader Nicolas Maduro, a move Trump has openly acknowledged was partly driven by Washington’s interest in Venezuela’s vast oil reserves.
Venezuela’s acting president, Delcy Rodríguez, previously served as Maduro’s minister of petroleum and hydrocarbons and has emerged as a key figure in the transitional leadership.
Trump said the oil would be sold at market value, with the White House overseeing the use of the proceeds. “This oil will be sold at its market price, and that money will be controlled by me… to ensure it is used to benefit the people of Venezuela and the United States,” he wrote.
Separately, the White House is planning an Oval Office meeting on Friday with senior oil industry executives to discuss Venezuela. Representatives from ExxonMobil, Chevron, and ConocoPhillips are expected to attend, according to a person familiar with the plans.
Trump acknowledged that rebuilding Venezuela’s battered energy infrastructure would be costly and could require significant US government support. Speaking to NBC News, he said American taxpayers might initially bear some of the burden, with oil companies later reimbursed through revenue.
“It’s going to take a tremendous amount of money,” Trump said. “The oil companies will spend it, and then they’ll get reimbursed by us or through revenue.”
He also suggested the reconstruction and political transition process could take up to 18 months, arguing that elections cannot be held until basic stability is restored. “We have to nurse the country back to health,” he said.
Venezuela holds an estimated 303 billion barrels of proven oil reserves, nearly one-fifth of the global total, much of it heavy crude concentrated in the Orinoco Belt. However, years of mismanagement, corruption and US sanctions have slashed production from about 3.5 million barrels per day to roughly 1.1 million.
The Trump administration has made clear that oil is central to its Venezuela strategy. Chevron is expected to gain early access to production, with ExxonMobil and ConocoPhillips lined up for future contracts.
Oil industry experts say the US Gulf Coast is uniquely positioned to process Venezuelan crude. “US Gulf Coast refineries were built around Venezuelan oil,” said veteran energy analyst Tony Franjie. “They are among the best in the world at handling that heavy crude.”
Despite the potential economic upside, political and legal risks remain high. Maduro loyalists are contesting US authority, while leaders in Mexico, Colombia and Brazil have criticised Washington’s intervention as destabilising. China and Russia, both major stakeholders in Venezuelan oil, are also watching closely, as any shift in exports toward the US could reshape global energy flows.
Trump said over the weekend that a US oil embargo on Venezuela remains in place, but added that under the transitional arrangement, major customers such as China would continue receiving oil supplies.
