US President Donald Trump on Tuesday announced that Venezuela’s interim authorities will hand over between 30 million and 50 million barrels of sanctioned oil to the United States. POTUS made the announcement days after last weekend’s military operation in Caracas, in which President Nicolas Maduro and his wife Cilia Flores were abducted and flown to the US.
In a statement posted on his social media platform, Truth Social, Trump said the oil, described as “high quality,” will be sold at prevailing market prices, with the proceeds to be directly controlled by him in his capacity as President of the United States.
According to Trump, the arrangement is intended to ensure that the revenue generated from the sale of the oil is used “to benefit the people of Venezuela and the United States.”
Donald Trump Orders Immediate Execution of Oil Transfer From Venezuela
The US President said he has instructed Energy Secretary Chris Wright to carry out the plan without delay. The oil, Trump added, will be transported via storage ships and delivered directly to unloading docks in the United States.
“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! I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States. Thank you for your attention to this matter!” Trump wrote.
Oil Volume Equals Up to 50 Days of Venezuelan Output
Before the recent US blockade, the volume of oil outlined by Trump would have amounted to approximately 30 to 50 days of Venezuela’s total oil production, according to a report by Bloomberg.
By comparison, the United States currently produces around 13.8 million barrels of oil per day. Based on current prices for the US benchmark West Texas Intermediate, the oil being transferred could reportedly be valued at more than $2.8 billion.
Venezuela’s Oil Resources
Trump’s decision appears to focus primarily on new and existing Venezuelan oil production. However, the US President has also repeatedly highlighted Venezuela’s vast untapped oil potential.
Despite sitting on some of the world’s largest oil reserves, Venezuela has experienced a long-term decline in production since peaking in the 1970s. The downturn has been driven by decades of economic strain and the exit of several American oil companies from the country.
White House to Meet US Oil Executives
As Washington presses Venezuela’s leadership to open its oil sector to American firms, the White House is reportedly planning a meeting in the Oval Office on Friday to discuss Venezuela’s energy future.
According to The Associated Press, which cited people familiar with the matter, the meeting is expected to include executives from major oil companies such as Chevron, Exxon, and ConocoPhillips.
Venezuela’s Interim President Delcy Rodríguez Responds
Amid growing US pressure and the unfolding political transition, Venezuela’s interim president Delcy Rodríguez addressed the nation on Tuesday.
In her remarks, Rodríguez issued a defiant message directed at her critics, saying, “Personally, to those who threaten me – My destiny is not determined by them, but by God.”
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
