Washington, D.C.
President Donald Trump announced Tuesday that Venezuela’s interim authorities have agreed to transfer 30 to 50 million barrels of high-quality crude oil to the United States at market prices, marking the first significant concession since U.S. forces captured former Venezuelan President Nicolás Maduro over the weekend.
In a post on Truth Social, Trump described the deal as a win for both nations: “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!” The shipment, valued at approximately $2 billion to $3 billion depending on current market rates, consists largely of sanctioned oil previously stored in tankers or facilities due to longstanding U.S. restrictions.
The announcement comes amid ongoing fallout from “Operation Absolute Resolve,” the daring U.S. military raid on January 3 that seized Maduro and his wife, Cilia Flores, from their residence in Caracas. Maduro, who pleaded not guilty Monday in a Manhattan federal court to charges including narco-terrorism and drug trafficking, remains in U.S. custody. Acting Venezuelan President Delcy Rodríguez has cooperated with the arrangement, signaling a shift toward alignment with U.S. demands for greater access to the country’s vast oil reserves—the largest proven in the world.
Trump has emphasized that American oil companies, including majors like Chevron, ExxonMobil, and ConocoPhillips, will play a key role in rebuilding Venezuela’s deteriorated infrastructure. “We’re going to have our very large United States oil companies… go in, spend billions of dollars, fix the badly broken infrastructure, and start making money for the country,” he said in remarks following the operation.
The deal could divert oil previously destined for markets like China, potentially easing global supply pressures while bolstering U.S. energy interests. Analysts note that restoring full production in Venezuela could take years and require tens of billions in investment, given decades of underinvestment and sanctions.
International reaction has been mixed, with Latin American nations condemning the U.S. action as aggression, while some energy markets view it as bullish for increased supply. Oil prices dipped slightly Tuesday amid expectations of more Venezuelan crude entering the market.
White House officials are scheduled to meet with oil executives in the coming days to discuss next steps, as the administration balances energy security goals with calls for a democratic transition in Venezuela.