US President Donald Trump said Venezuela will transfer up to 50 million barrels of oil to the United States. He connected the plan to a US military operation that removed President Nicolás Maduro from power. Trump estimated the oil value at about $2.8bn. He described the crude as high quality and sanctioned. He announced the decision on social media. He said the oil would sell at market prices. He added that he would control the revenue. He said the money would benefit people in Venezuela and the United States.
Trump said US oil companies would restart operations in Venezuela quickly. He claimed full production would begin within 18 months. He also predicted large foreign investment flows. Energy analysts have questioned that outlook. They previously said restoring output would require tens of billions of dollars. They also warned the process could take up to ten years.
US Seeks Strong Influence Over Venezuelan Oil
China criticised Trump’s announcement and reported US demands on Venezuela. Beijing accused Washington of seeking exclusive access to Venezuelan oil. China has remained Venezuela’s largest oil buyer in recent years. Chinese officials rejected pressure to cut economic ties. A US broadcaster reported that Trump pressured Delcy Rodríguez during discussions. He allegedly demanded an exclusive US role in 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.
Oil Prices and Market Doubts
Trump said Venezuelan oil production would lower global prices. He made the claim during an interview with NBC News. He argued that increased supply would help US 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 clear signs 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 represents the world’s largest proven reserve. National production has declined steadily since the early 2000s.
Heavy Crude and High Investment Costs
The Trump administration sees major energy potential in Venezuela. Expanding production would prove expensive for US companies. Venezuelan crude remains 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 Accuses Washington of Legal Violations
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 repeated 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 Unresolved Disputes
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 reality. They note that Venezuela always owned the oil itself. International law recognises national ownership of natural resources. Sovereign states retain control over their reserves.
