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Following the military operation that captured Nicolás Maduro, President Donald Trump announced that Venezuela will "turn over" up to 50 million barrels of oil, valued at approximately $2.8 billion. In a social media post, Trump stated the oil will be sold at market rates, with the resulting funds under his control to benefit both the American and Venezuelan people. This move aligns with his broader vision to have the U.S. oil industry operational within Venezuela within 18 months, an initiative he expects will attract significant global investment.
China, which has been the biggest buyer of Venezuelan oil in recent years, has condemned Trump's announcement as well as the US's reported demands that Venezuela gives its oil exclusively to them.
ABC News has reported, citing unnamed sources, that Trump had told Rodríguez to agree to an exclusive partnership with the US on oil production, and sever economic ties with China, Russia, Iran and Cuba.
Trump posted on Truth Social on Tuesday: "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!"
His comment came a day after Delcy Rodríguez, formerly Venezuela's vice-president, was sworn in as its interim president. Maduro has been brought to the US to face drug-trafficking and weapons charges.
On Monday the US president told NBC News: "Having Venezuela that's an oil producer is good for the United States because it keeps the price of oil down.”
Analysts previously were sceptical that Trump's plans would have a major impact on the global supply - and therefore price - of oil. They suggested that firms would look for reassurance that a stable government was in place, and even when they did invest, their projects would not deliver for years.
Trump has argued in recent days that American oil companies can fix Venezuela's oil infrastructure.
The country has an estimated 303 billion barrels - the world's largest proven reserve - but its oil production has been in decline since the early 2000s.
There is only one US firm, Chevron, currently operating in the country.
