US President Donald Trump has said Venezuela will hand over between 30 and 50 million barrels of oil to the United States following a surprise US military operation that removed President Nicolás Maduro from power.
In a post on social media, Trump said the oil would be sold at market prices, with the proceeds controlled by him and used for the benefit of both Venezuela and the United States.
The announcement comes after Trump claimed that Venezuela’s oil industry would be “up and running” within 18 months and that large-scale US investment would soon flow into the country. Energy analysts, however, have previously told the BBC that restoring Venezuela’s oil output could take tens of billions of dollars and as long as a decade.
Posting on Truth Social on Tuesday, Trump said: “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, to ensure it is used to benefit the people of Venezuela and the United States.”
His comments came a day after Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as interim president. Maduro has been taken to the United States, where he is expected to face drug-trafficking and weapons charges.
On Monday, Trump told NBC News that increased Venezuelan oil production would help keep global oil prices down, saying: “Having a Venezuela that’s an oil producer is good for the United States.”
According to CBS News, representatives of major US oil companies are expected to meet with the Trump administration this week. However, analysts remain sceptical that Trump’s plans would significantly affect global oil supply or prices in the short term. They say energy firms would first need confidence in political stability, and that any new investments would take years to yield results.
Trump has argued that American oil companies can rapidly repair Venezuela’s oil infrastructure. Venezuela holds an estimated 303 billion barrels of proven oil reserves — the largest in the world — but production has declined steadily since the early 2000s.
Despite the size of its reserves, increasing output would be costly. Venezuelan crude is heavy and difficult to refine, and only one US company, Chevron, currently operates in the country.
Asked about Trump’s plans, Chevron spokesman Bill Turenne said the company remains focused on employee safety and asset integrity and is operating in full compliance with all laws and regulations.
ConocoPhillips, which no longer operates in Venezuela, said it is monitoring developments but that it would be premature to speculate about future investments. Exxon did not immediately respond to requests for comment.
In defending the removal of Maduro, Trump also claimed that Venezuela had “unilaterally seized and stolen American oil.” Vice-President JD Vance echoed that claim on social media, alleging that Venezuela expropriated US oil assets and used them to fund criminal activities.
Experts say the situation is more complex. US oil companies have long operated in Venezuela under licensing agreements. The country nationalised its oil industry in 1976, and in 2007 former President Hugo Chávez increased state control over remaining foreign-owned assets.
In 2019, a World Bank tribunal ordered Venezuela to pay ConocoPhillips $8.7 billion in compensation for the 2007 expropriations a sum that has not yet been paid. While US companies are owed compensation, BBC Verify analyst Ben Chu notes that claims Venezuela “stole” American oil are misleading, as the oil itself was always owned by the Venezuelan state.
