US President Donald Trump said Venezuela will transfer up to 50 million barrels of oil to the United States. He linked the move to a US military operation that removed President Nicolás Maduro from power. Trump valued the oil at about $2.8bn. He described it as high quality and sanctioned crude. He shared the announcement on social media. He said the oil would sell at market prices. He added that he would control the revenue. He said the funds would benefit people in Venezuela and the United States.
Trump said US oil companies would restart production in Venezuela quickly. He claimed full operations would begin within 18 months. He also predicted major foreign investment. Energy analysts have questioned that timeline. They previously said restoring output would require tens of billions of dollars. They also warned the process could take up to a decade.
US Pushes for Preferential Oil Rights
China criticised Trump’s announcement and reported US demands on Venezuela. Beijing accused Washington of seeking exclusive access to Venezuelan oil. China has been Venezuela’s largest oil buyer in recent years. Chinese officials rejected pressure to sever economic ties. A US broadcaster reported that Trump pressured Delcy Rodríguez during discussions. He allegedly demanded an exclusive US partnership on oil production. He also sought a break with China, Russia, Iran and Cuba.
Trump wrote on Truth Social that interim authorities would deliver between 30 and 50 million barrels. He said the oil would sell at market prices. He said he would personally oversee the proceeds. He promised the funds would serve both nations. Rodríguez became interim president one day earlier. US authorities transferred Maduro to the United States. He now faces drug trafficking and weapons charges.
Claims on Prices and Production
Trump said Venezuelan oil production would lower global prices. He made the claim during an NBC News interview. He argued that higher supply would help American consumers. Representatives from major US oil companies planned meetings with the administration. A US media partner reported the plans. Analysts questioned the likely impact. They doubted any short-term effect on supply or prices.
Experts said companies need assurances of political stability. They also warned that new investments take years to deliver output. Trump argued that US firms can repair damaged oil infrastructure. Venezuela holds an estimated 303 billion barrels of oil. That figure marks the world’s largest proven reserve. National production has declined steadily since the early 2000s.
High Costs and Technical Barriers
The Trump administration sees strategic energy potential in Venezuela. Expanding production would prove costly for US companies. Venezuelan crude is heavy and difficult to refine. Only Chevron currently operates in the country. Asked about future plans, Chevron responded cautiously. Spokesman Bill Turenne said the company prioritises employee safety. He also stressed full compliance with laws and regulations.
ConocoPhillips no longer operates in Venezuela. A company spokesman said it continues to monitor developments. He said speculation about future investment would be premature. Exxon did not respond to requests for comment. Analysts said uncertainty continues to shape corporate decisions. They pointed to extensive damage across oil facilities.
China Condemns US Actions
China’s foreign ministry issued strong criticism on Wednesday. Spokeswoman Mao Ning accused the US of military aggression. She said Washington violated international law. She also accused the US of undermining Venezuelan sovereignty. Mao said the actions harmed Venezuelan citizens. She stressed that China’s interests must remain protected. She described China–Venezuela cooperation as lawful and sovereign.
Trump defended Maduro’s removal from Caracas. He claimed Venezuela had seized American oil. Vice-President JD Vance echoed the accusation online. He said Venezuela expropriated US oil assets. He also alleged the country funded criminal networks. The broader history presents a more complex picture.
Nationalisation and Unpaid Compensation
US oil companies operated in Venezuela for decades under licence agreements. Venezuela nationalised its oil industry in 1976. In 2007, President Hugo Chávez expanded state control further. He targeted remaining foreign-owned assets. A World Bank tribunal later ruled on the dispute. It ordered Venezuela to pay $8.7bn to ConocoPhillips. Venezuela has not paid the compensation.
At least one US company still awaits payment. Legal experts say claims of stolen oil oversimplify the issue. They note that Venezuela always owned the oil itself. International law recognises national ownership of natural resources. Sovereign states retain control over their reserves.
