US President Donald Trump has said Venezuela “will be turning over” up to 50 million barrels of oil, worth about $2.8bn (£2.1bn), to the United States following a military operation that removed President Nicolás Maduro from power.
Trump said the oil would be sold at market price, with the proceeds controlled by him and used to benefit both countries. He added that the US oil industry would be “up and running” in Venezuela within 18 months, predicting large-scale investment.
In a post on Truth Social on Tuesday, Trump wrote: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.
“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!”
His comments followed the swearing-in of Delcy Rodríguez, formerly Venezuela’s vice-president, as interim president. Maduro has been taken to the US to face drug-trafficking and weapons charges.
On Monday, Trump told NBC News: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”
Representatives from major US petroleum companies are expected to meet the Trump administration this week, according to the BBC’s US partner CBS. However, analysts previously told the BBC that restoring Venezuela’s oil output could take tens of billions of dollars and up to a decade, limiting any near-term impact on global supply and prices.
Trump has argued that US firms can repair Venezuela’s oil infrastructure. The country holds an estimated 303bn barrels, the world’s largest proven reserve, but production has been declining since the early 2000s. Venezuelan oil is heavy and costly to refine, and Chevron is currently the only US firm operating there.
Chevron spokesman Bill Turenne said the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets”, adding: “We continue to operate in full compliance with all relevant laws and regulations.”
ConocoPhillips spokesman Dennis Nuss said the company “is monitoring developments in Venezuela and their potential implications for global energy supply and stability”, but added: “It would be premature to speculate on any future business activities or investments.” Exxon did not immediately respond to requests for comment.
Faridah Abdulkadiri
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