US President Donald Trump said Venezuela will transfer up to 50 million barrels of oil to the United States. He tied the move to a US military operation that removed President Nicolás Maduro from power. Trump estimated the oil’s value at about $2.8bn. He described the supply as high quality and sanctioned. 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 support people in Venezuela and the United States.
Trump said the US oil industry would restart operations in Venezuela quickly. He claimed full activity would begin within 18 months. He also predicted large-scale foreign investment. Energy analysts have disputed that forecast. They previously said restoring production would require tens of billions of dollars. They also warned the process could last up to a decade.
US Push for Oil Control
China criticised Trump’s announcement and the reported US demands on Venezuela. Beijing accused Washington of forcing exclusive access to Venezuelan oil. China has been the country’s largest oil buyer in recent years. Chinese officials rejected pressure to cut ties. Reports from a US broadcaster said Trump pressured Delcy Rodríguez during negotiations. He allegedly demanded exclusive US control over oil production. He also sought an end to ties 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 funds. He promised the money would benefit both nations. Rodríguez took office as 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 Reality
Trump argued that Venezuelan production would lower oil prices. He made the claim during an NBC News interview. He said increased supply would benefit American consumers. Representatives from major US oil companies planned meetings with the administration. A US media partner reported the plans. Analysts questioned the potential impact. They doubted any short-term effect on global supply or prices.
Experts said companies need confidence in political stability. They also warned that new projects take years to deliver output. Trump insisted US firms can repair damaged oil facilities. Venezuela holds an estimated 303 billion barrels of oil. That figure marks the world’s largest proven reserve. National production has declined since the early 2000s.
Heavy Crude and High Costs
The Trump administration sees strategic energy potential in Venezuela. Increasing production would cost US firms heavily. 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 monitors developments closely. He said speculation about investments would be premature. Exxon did not respond to requests for comment. Analysts said uncertainty continues to shape corporate decisions. They noted severe infrastructure damage across the sector.
China Condemns US Actions
China’s foreign ministry delivered 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 groups. The historical record shows a more complex reality.
Disputed Claims and Legal History
US oil companies operated in Venezuela for decades under licences. 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.
