Trump announced Tuesday that Venezuela will send up to 50 million barrels of oil to the United States to be sold at current market rates, and he said that he will oversee how Venezuela is allowed to utilize the proceeds from those sales.
"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 posted on Truth Social. "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!"
Trump Taking Control Over Venezuela
"I have asked Energy Secretary Chris Wright to execute this plan, immediately," he continued. Trump said the oil would be "brought directly" to U.S. ports using storage vessels.
After the Jan. 3 military operation aimed at removing and capturing longtime leader Nicolás Maduro, the president said he wants to see more American oil companies move into Venezuela and ramp up production in the resource-rich country.
He also suggested on Monday that the U.S. government could step in to compensate American energy firms for the costs of reviving Venezuela's long-struggling oil industry.
The president said he believes U.S. companies could have Venezuela's oil fields back in operation within about 18 months, suggesting a relatively quick turnaround if American firms take the lead.
"I think we can do it in less time than that, but it'll be a lot of money," Trump said.
"A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they'll get reimbursed by us or through revenue," he added.
Cruise Control
Chevron remains the only major U.S. oil company still operating in Venezuela. Nearly two decades ago, energy giants ConocoPhillips and Exxon Mobil pulled out after the Venezuelan government, under then-president Hugo Chávez, seized foreign-owned oil assets.
In 2019, Trump tightened pressure on Maduro by banning U.S. companies from doing business with Venezuela's state-run oil company. That approach escalated in mid-December, when the administration imposed a blockade to stop oil tankers from leaving the country and warned that any vessels trying to slip past could be seized.
Energy Secretary Chris Wright is expected to sit down with top executives from Exxon and ConocoPhillips later this week to discuss the future of Venezuelan oil.
Wright has also been put in charge of the Trump administration's broader push to restore and modernize Venezuela's battered oil infrastructure, a central part of plans to revive production in the energy-rich country.
