US to receive up to 50 million barrels of Venezuelan oil under Trump plan

By The Inspirer.

US President Donald Trump has announced that Venezuela will transfer between 30 million and 50 million barrels of oil to the United States following a surprise military operation that ousted President Nicolás Maduro.

In a post on his Truth Social platform, Trump said the high-quality Venezuelan crude would be sold at market prices, with the proceeds placed under his direct control and used “to benefit the people of Venezuela and the United States.”

The announcement comes as the Trump administration outlines plans to restart oil production in Venezuela, which has suffered years of underinvestment and declining output despite holding the world’s largest proven crude reserves.

Trump told NBC News that having Venezuela back as an oil producer would help keep global oil prices lower.

Representatives from major US energy firms are scheduled to meet with administration officials this week to discuss opportunities in Venezuela’s energy sector, according to US media reports.

However, analysts have expressed scepticism about how quickly Venezuela’s oil industry could recover. Restoring production would likely require substantial investment, and projects could take years to yield increased output, they say.

Trump’s statement followed political developments in Caracas, where Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as interim president.

Nicolás Maduro was reportedly taken into US custody to face charges related to drug trafficking and weapons violations.

Under its current structure, Venezuela’s oil sector has struggled with declining capacity since the early 2000s.

Although the country holds an estimated 303 billion barrels of proven reserves, production has fallen sharply from historic highs, in part because of deteriorating infrastructure and a lack of fresh capital.

Venezuelan crude is generally heavy and more complex to refine than lighter grades, a factor that has deterred extensive foreign investment.

Chevron is currently the only major US oil company still operating in the country; others, including ConocoPhillips and Exxon, have scaled back or exited operations amid legal and political uncertainties.

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,” and continues to comply with all applicable laws and regulations.

A ConocoPhillips spokesperson said the company is monitoring developments in Venezuela and assessing potential implications for global energy markets but added that it would be premature to discuss future investment plans. Exxon did not immediately respond to requests for comment.

In justifying the move to seize Maduro from power, Trump also accused the previous government of “unilaterally seizing and stealing American oil.” Vice-President JD Vance echoed that claim on social media.

Experts note that the history of US oil involvement in Venezuela is complex. US oil companies once held extensive operations in Venezuela under licence agreements, but the country’s oil industry was nationalised in 1976.

In 2007, then-President Hugo Chávez increased state control over foreign-owned oil assets, prompting disputes with international firms.

In 2019, an international tribunal at the World Bank ordered Venezuela to pay billions in compensation to ConocoPhillips for the 2007 actions—a judgment that has not yet been settled.

Analysts say that while legal disputes over assets persist, Venezuela’s crude has always been owned by the state, making claims of oil “theft” overly simplistic.