US President Donald Trump said Venezuela’s interim authorities will transfer 30 million to 50 million barrels of oil to the United States, calling the move a benefit for people in both countries.
In a post on his social media platform, Truth Social, Trump said the oil would be sold at market rates and that he would oversee how the money is used. He wrote that the proceeds will benefit “the people of Venezuela and the United States.”
Trump said he has instructed Energy Secretary Chris Wright to begin the plan right away. He added that the crude will be loaded on storage vessels and shipped straight to US unloading docks. “This oil will be sold at its market price,” Trump wrote, saying that control of the funds will stay with the US presidency.
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Why Venezuela’s oil transfer matters to the US
The announcement comes after a dramatic change in Venezuela’s leadership following a US military operation that led to the capture of President Nicolás Maduro. The move thrusts the United States into direct influence over Caracas’s vast oil holdings. Venezuela has the largest proven oil reserves in the world, but output has slumped for years because of sanctions and a lack of investment.
Oil experts say that if the plan goes ahead, it could shift global crude routes. Venezuelan heavy crude suits US Gulf Coast refineries, which previously leaned on shipments from Latin America and Canada. The shift could also reduce Venezuela’s oil flows to China, which has been a major buyer under complex trade arrangements.
India, once a big buyer of Venezuelan crude before US sanctions in 2019 forced a stop to purchases, now depends more on oil from the Middle East, Russia and the United States. Any large change in global supply can affect prices and how easily oil is available, a key concern in New Delhi, given India’s import-heavy energy mix.
Trump framed the transfer as both economic and strategic. He has said greater US oversight of Venezuelan oil will undermine criminal networks and boost regional stability. “This will be taken immediately,” he added, signing off his message by thanking readers for their attention.
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