United States President Donald Trump has announced that Venezuela will transfer between 30 and 50 million barrels of oil to the US, following the removal of Venezuelan President Nicolás Maduro. The oil is to be sold at market price, with proceeds controlled by the US administration. Interim Venezuelan authorities, led by Delcy Rodríguez, have been informed of the conditions, which include severing economic ties with China, Russia, Iran, and Cuba, and granting exclusive oil partnership rights to the US.
According to Hindustan Times, the Trump administration demands Venezuela to end all economic relationships with China, Russia, Iran, and Cuba before being permitted to increase oil exports. The US has also stipulated that Venezuela must partner exclusively with American entities for oil production and support US interests in global oil sales.
As reported by Deccan Herald, President Trump stated that the funds from the oil sales would be managed directly by him to ensure benefits for both Venezuelan and American citizens. The oil, valued at up to $2 billion, will be shipped directly to US ports, bypassing previous export blockades imposed on Venezuela.
As highlighted by The Indian Express, the White House has scheduled meetings with major US oil companies, including Exxon, Chevron, and ConocoPhillips, to discuss investment and technical support for Venezuela’s oil sector. The administration is seeking to open Venezuela’s oil industry to greater American involvement, with the aim of increasing production and stabilising prices.
As noted in an article by BBC, President Trump claimed that US oil firms could be operational in Venezuela within 18 months. However, industry analysts have cautioned that restoring Venezuela’s oil output to previous levels could require tens of billions of dollars and potentially a decade of investment. Chevron remains the only US company currently operating in Venezuela, while Exxon and ConocoPhillips have unresolved compensation claims from past nationalisations.
"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. 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!" — Donald Trump said on Truth Social.
Further details indicate that the oil will be transported by storage ships directly to US unloading docks. Trump’s announcement followed the US military operation that resulted in Maduro’s capture and extradition to the United States to face criminal charges.
Venezuelan acting President Delcy Rodríguez has rejected Trump’s remarks, while US officials have warned of further consequences if Venezuela does not comply with the outlined conditions as coverage revealed. The US administration maintains that the plan does not require deployment of American troops but focuses on controlling oil assets and ensuring proceeds are used as intended.
Industry executives have expressed caution about immediate large-scale investment, citing political and legal uncertainties in Venezuela as analysis showed. Chevron is currently the only major US company with ongoing operations in the country, while Exxon and ConocoPhillips are seeking restitution for previous asset nationalisations.
Note: This article is produced using AI-assisted tools and is based on publicly available information. It has been reviewed by The Quint's editorial team before publishing.