US President Donald Trump has said Venezuela would hand over between 30 and 50 million barrels of oil to the United States, adding that the proceeds from the sale would be controlled by the US.
The development signals that the Venezuelan government is responding to Trump’s demand to open its oil sector to US companies.
In a post on truth social, Trump said Venezuela would be “turning over” sanctioned oil that would be sold at market price. “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!” he wrote.
Trump said US Energy Secretary Chris Wright would oversee the process, adding that the oil would be taken from ships and transported directly to US ports. He also said he wanted interim President Delcy Rodriguez to provide US authorities and private companies “total access” to Venezuela’s oil industry.
Venezuela has millions of barrels of crude stored in tanks and on vessels that it has been unable to export due to a US blockade imposed in mid-December. The restrictions were part of broader pressure on the government of President Nicolas Maduro, which escalated over the weekend when US forces launched strikes in the country.
Venezuelan officials have accused the United States of attempting to seize the country’s oil reserves. The government and state oil company Petroleos de Venezuela did not comment on Trump’s statement.
Supplying the oil to the US could require diverting shipments originally intended for China, which has been Venezuela’s largest buyer over the past decade, particularly after Washington imposed sanctions in 2020 on companies involved in the oil trade with Caracas.
US crude prices fell more than 1.5 percent following the announcement. Current Venezuelan oil exports to the United States are handled by Chevron, PDVSA’s joint venture partner, under a US authorisation. Chevron has been shipping between 100,000 and 150,000 barrels per day and remains the only company loading Venezuelan crude without interruption during the blockade.
It remains unclear whether Venezuela would receive any share of the proceeds. Sanctions bar PDVSA from the global financial system, freeze its bank accounts and prevent transactions in US dollars. Venezuela has been selling its Merey crude at a discount of about $22 per barrel below Brent, placing the value of the proposed transfer at up to $1.9 billion.
Officials from both countries have discussed possible sales mechanisms, including auctions for US buyers and licences for PDVSA’s partners, which in the past allowed companies to receive or resell Venezuelan oil.
US Interior Secretary Doug Burgum said increased Venezuelan oil flows would be “great news” for jobs and fuel prices, adding that “with American technology, American partnership, Venezuela can be transformed.”