Trump says Venezuela to hand over up to 50 million barrels of oil to US after Maduro ouster

United States President Donald Trump has announced that Venezuela will transfer between 30 and 50 million barrels of oil to the United States in the aftermath of a US-backed military operation that removed President Nicolás Maduro from power.

Trump said the oil, estimated to be worth about $2.8bn (£2.1bn), would be sold at market price, with the proceeds placed under his control and used for the benefit of both Venezuela and the United States.

Writing on his Truth Social platform on Tuesday, Trump said the decision was taken by Venezuela’s new interim authorities. “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,” he said.

The announcement followed the swearing-in of Delcy Rodríguez, formerly Venezuela’s vice-president, as interim president. Maduro has since been taken to the United States to face charges related to drug trafficking and weapons offences.

Trump has also claimed that US oil companies will rapidly revive Venezuela’s energy sector, saying production would be “up and running” within 18 months. He argued that restoring Venezuela as a major oil producer would help keep global oil prices down and serve US economic interests.

Energy analysts, however, remain sceptical. Experts previously told the BBC that rehabilitating Venezuela’s oil industry could require tens of billions of dollars in investment and take as long as a decade, given years of underinvestment, infrastructure decay and the complexity of extracting the country’s heavy crude.

Venezuela holds the world’s largest proven oil reserves, estimated at about 303 billion barrels, but output has fallen sharply since the early 2000s. Increasing production would be expensive, and much of the oil is difficult to refine.

According to CBS, representatives of major US oil companies are expected to meet the Trump administration this week to discuss developments in Venezuela. For now, Chevron remains the only major US firm operating in the country.

Responding to Trump’s comments, Chevron spokesman Bill Turenne said the company was focused on the safety of its employees and the integrity of its assets, adding that it continued to operate in compliance with all applicable laws and regulations.

ConocoPhillips, which exited Venezuela years ago, said it was monitoring developments and their potential impact on global energy supply but described any speculation about future investments as premature. Exxon declined to comment.

Trump and Vice-President JD Vance have also accused Venezuela of seizing or “stealing” American oil, claims that analysts say oversimplify a complex history. While Venezuela nationalised its oil industry in 1976 and expanded state control over foreign-owned assets under President Hugo Chávez in 2007, the oil itself has always belonged to the Venezuelan state.

A World Bank arbitration tribunal in 2019 ordered Venezuela to pay $8.7bn in compensation to ConocoPhillips over the 2007 expropriations, a sum that remains unpaid. Analysts note that unresolved legal disputes and questions about governance could deter US firms from large-scale investment, despite the Trump administration’s optimism.