President Donald Trump announced Tuesday that interim authorities in Venezuela will transfer between 30 million and 50 million barrels of oil to the United States. The oil will be sold at market price, and Trump said the proceeds from the sales will be controlled by his administration to benefit both the Venezuelan and American people.
Trump shared the announcement on Truth Social, saying the oil will be shipped directly to U.S. docks using storage vessels. He added that he has directed Energy Secretary Chris Wright to execute the plan immediately.
The announcement follows the Jan. 3 military operation that resulted in the removal and capture of Venezuelan leader Nicolás Maduro. Since then, Trump has expressed interest in expanding U.S. involvement in Venezuela’s oil sector and encouraging American companies to increase production in the oil-rich nation.
Trump has suggested the U.S. government could reimburse American oil companies for helping revive Venezuela’s deteriorated energy infrastructure. In an interview, he said U.S. firms could potentially get Venezuelan oil fields operational within about 18 months, though he acknowledged the effort would require significant investment.
“A tremendous amount of money will have to be spent,” Trump said, noting that companies would initially cover the costs and later be reimbursed either by the U.S. government or through oil revenue.
Currently, Chevron is the only major U.S. oil company operating in Venezuela. ConocoPhillips and Exxon Mobil exited the country nearly two decades ago after their assets were nationalized under former Venezuelan leader Hugo Chávez.
In 2019, Trump barred U.S. companies from doing business with Venezuela’s state-owned oil company as part of an effort to pressure Maduro to step down. More recently, in mid-December, the administration implemented a blockade preventing oil tankers from leaving Venezuela and warned that vessels attempting to evade the blockade could be seized.
Energy Secretary Wright is expected to meet with executives from Exxon Mobil and ConocoPhillips later this week to discuss Venezuelan oil. He has been tasked with leading the administration’s broader effort to rebuild Venezuela’s oil infrastructure, according to a White House official.