US President Donald Trump has announced that Venezuela will be turning over between 30 and 50 million barrels of oil, worth roughly $2.8 billion (£2.1 billion), to the United States following a military operation that removed President Nicolás Maduro from power.
Trump, in a post on Truth Social, said the oil would be sold at market prices, with proceeds controlled by him to benefit both the Venezuelan people and the United States.
He also claimed that the US oil industry would be operational in Venezuela within 18 months, predicting significant investment inflows into the country.
“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,” Trump wrote.
His announcement follows the swearing-in of Delcy Rodríguez, former vice-president, as Venezuela’s interim president. Maduro has been taken to the US to face drug-trafficking and weapons charges.
Trump has argued that restoring Venezuela’s oil production will help lower oil prices in the US and called on American companies to rebuild the country’s oil infrastructure. Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels, but production has been in decline for decades due to underinvestment and mismanagement.
Analysts, however, have cautioned that it could take years and tens of billions of dollars to return Venezuelan production to its previous levels. They also stressed that global oil markets would see only limited short-term impact, as firms would need assurances of a stable government before investing, and heavy Venezuelan crude is more costly and difficult to refine.
Currently, Chevron is the only major US company operating in Venezuela, while ConocoPhillips and Exxon have no active operations there. Chevron’s spokesman emphasized that the company is focused on the safety of employees and asset integrity, operating in compliance with all relevant laws.
The announcement has drawn sharp international criticism. China, the largest buyer of Venezuelan oil in recent years, condemned the US’s actions as “a blatant act of bullying” that violates international law and infringes Venezuela’s sovereignty.
Chinese officials also warned that cooperation between China and Venezuela, as sovereign nations, must be respected.
Trump and Vice President JD Vance have also accused Venezuela of “stealing” American oil in the past, a claim experts say is misleading.
US oil companies historically extracted Venezuelan oil under licensing agreements, but Venezuela nationalized its oil industry in 1976 and imposed greater state control under Hugo Chávez in 2007. A 2019 World Bank ruling ordered Venezuela to compensate ConocoPhillips $8.7 billion for nationalization, but the payment has not yet been made.
Legal and industry experts note that oil in Venezuela has always been the property of the Venezuelan state, making claims of “stolen American oil” simplistic and inconsistent with international law.
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