WASHINGTON: US President Donald Trump has said Venezuela’s interim government will deliver between 30 and 50 million barrels of oil to the United States, with the proceeds to be controlled by Washington, in a move that underscores growing US leverage over the crisis-hit South American nation.
In a social media post on Tuesday, Trump said the oil would be sold at market prices and that the revenue would be overseen by him as president, claiming it would be used “to benefit the people of Venezuela and the United States”. He added that US Energy Secretary Chris Wright had been tasked with executing the deal, with crude to be taken from tankers and shipped directly to US ports.
🚨 President Donald J. Trump announces 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. pic.twitter.com/08qI7MvCpk
— The White House (@WhiteHouse) January 7, 2026
The announcement signals a sharp escalation in US pressure on Caracas following the abduction of President Nicolas Maduro in a weekend operation by US forces. Washington has since demanded that interim President Delcy Rodriguez grant US companies what Trump described as “total access” to Venezuela’s oil industry or face further military action.
Venezuela is estimated to have tens of millions of barrels of crude stranded on tankers and in storage due to a US export blockade imposed in mid-December. The embargo was part of a broader pressure campaign that culminated in the recent military intervention.
Senior Venezuelan officials have accused Washington of attempting to seize control of the country’s vast oil reserves, the largest proven in the world.
Reuters cited sources saying that supplying crude to the US could initially involve diverting cargoes previously destined for China, Venezuela’s main oil buyer over the past decade, particularly after US sanctions tightened in 2020.
Oil markets reacted swiftly, with US crude prices falling more than 1.5 percent on expectations of increased Venezuelan supply. Venezuela’s flagship Merey crude has recently been sold at a steep discount to Brent, valuing the potential deal at up to $1.9bn.
Chevron, the only US company currently authorised to export Venezuelan oil, controls existing flows under a special licence and has been shipping up to 150,000 barrels per day. It remains unclear whether Caracas will have access to any of the proceeds, as sanctions continue to bar state oil firm PDVSA from the global financial system.
US and Venezuelan officials have reportedly discussed auctions and temporary licences to facilitate sales to US buyers, while some companies have begun preparing for renewed shipments. Talks have also touched on the possible use of Venezuelan oil for the US Strategic Petroleum Reserve.
US Interior Secretary Doug Burgum welcomed the prospect of increased imports, calling it “great news” for US jobs, fuel prices and Venezuela’s economy.
Critics, however, warn the arrangement further undermines Venezuelan sovereignty and deepens the political and economic crisis gripping the country.
