US President Donald Trump said Venezuela will hand over up to 50 million barrels of oil to the United States. He linked the transfer to a US-led military operation that removed President Nicolás Maduro from power. Trump valued the oil at about $2.8bn and described it as high quality and sanctioned. He announced the plan in a social media post. He said the oil sale would follow market prices. He added that he would control the proceeds. He said the funds would benefit people in Venezuela and the United States.
Trump said US oil production in Venezuela would restart quickly. He claimed the industry would operate fully within 18 months. He also predicted massive foreign investment into the country. Energy analysts have challenged that timeline. They previously said restoring output could require tens of billions of dollars. They also warned the process could take up to a decade.
Exclusive Control and Political Pressure
China condemned Trump’s announcement and the reported US demands on Venezuela’s oil policy. Beijing accused Washington of forcing Venezuela into exclusive oil cooperation. China has bought most Venezuelan oil in recent years. It rejected calls to end ties with China and other allies. Reports from a major US broadcaster said Trump pressured Delcy Rodríguez during talks. He allegedly demanded an exclusive oil partnership with the United States. He also sought a break with China, Russia, Iran and Cuba.
Trump wrote on Truth Social that interim authorities would transfer between 30 and 50 million barrels. He stressed the oil would sell at market prices. He said he would control the money as president. He promised the funds would support both nations. Rodríguez took office as interim president one day earlier. US authorities transferred Maduro to the United States. He now faces drug trafficking and weapons charges.
Oil Prices and Industry Doubts
Trump said Venezuelan oil production would help lower global prices. He made the remarks in an interview with NBC News. He argued that increased supply would benefit American consumers. Representatives from major US oil companies planned talks with the administration. A US media partner reported the meetings. Analysts remained sceptical about market effects. They doubted any near-term impact on supply or prices.
Experts said companies need confidence in political stability. They also noted that new investments take years to deliver output. Trump insisted American firms can repair Venezuela’s oil infrastructure. Venezuela holds an estimated 303 billion barrels of oil. That figure represents the world’s largest proven reserve. Production has fallen steadily since the early 2000s.
High Costs and Heavy Crude
The Trump administration sees major energy potential in Venezuela. However, increased production would cost US companies heavily. Venezuelan crude is heavy and difficult to refine. Only Chevron currently operates in the country. Asked about future plans, Chevron issued a cautious statement. Spokesman Bill Turenne said the firm prioritises employee safety. He also stressed compliance with all laws and regulations.
ConocoPhillips no longer operates in Venezuela. A company spokesman said it monitors developments closely. He said it remains too early to discuss investments. Exxon declined to comment on the situation. Analysts said uncertainty continues to dominate decisions. They stressed that infrastructure damage complicates any rapid restart.
China Accuses the US of Bullying
China’s foreign ministry delivered strong criticism on Wednesday. Spokeswoman Mao Ning accused the US of military aggression. She said Washington violated international law. She also accused the US of infringing Venezuelan sovereignty. Mao said the actions harmed Venezuelan citizens. She stressed that China’s rights and interests must receive protection. She described China–Venezuela cooperation as lawful and sovereign.
Trump defended Maduro’s seizure by US forces. He claimed Venezuela had stolen American oil. Vice-President JD Vance repeated the accusation online. He said Venezuela expropriated US oil assets. He also alleged the country funded criminal networks with the proceeds. These claims oversimplify a complex history.
A Long and Disputed Oil History
US oil companies have operated in Venezuela for decades. They extracted oil under licence agreements. Venezuela nationalised its oil industry in 1976. In 2007, President Hugo Chávez expanded state control further. He targeted remaining foreign-owned assets. A World Bank tribunal later ruled on the dispute. It ordered Venezuela to pay $8.7bn to ConocoPhillips. Venezuela has not paid the compensation.
At least one US company still awaits payment. Experts say claims of stolen oil lack precision. They note that Venezuela always owned the oil itself. International law recognises national ownership of natural resources. Sovereign states control their reserves. That principle remains widely accepted among legal scholars.
