President Donald Trump has revealed that Venezuela will transfer 30 to 50 million barrels of sanctioned oil to the United States. The crude, which has been held in storage due to Washington’s embargo, will be sold at market prices, with Trump saying he will oversee the proceeds to benefit both Americans and Venezuelans.
Trump said he directed Energy Secretary Chris Wright to implement the plan “immediately”, adding that the oil “will be taken by storage ships and brought directly to unloading docks in the United States.”
The announcement comes after Trump’s push to reclaim Venezuela’s oil reserves and revive the country’s energy sector following the removal of President Nicolás Maduro. He also suggested U.S. oil companies are prepared to invest billions to upgrade Venezuela’s aging infrastructure and tap into its reserves, which he claims were “stolen” from the United States.
Under international law, the U.S. has no formal claim to Venezuelan oil. Venezuela nationalized its oil sector under Hugo Chávez, seizing assets from American companies, including Chevron, ExxonMobil, and ConocoPhillips. None of these firms have issued public statements on Trump’s plan, though meetings with the president are reportedly scheduled.
Experts say even 50 million barrels would have a limited effect on global markets, given that worldwide consumption exceeds 100 million barrels per day. Mark Finley, energy analyst at the Baker Institute, noted the impact depends on the delivery schedule: “Thirty to 50 million barrels in a month is essentially all Venezuelan output; spread over a year, it’s minor.”
Scott Montgomery, a global energy expert at the University of Washington, questioned how Trump plans to manage the revenues. “There’s little precedent for controlling oil proceeds like this in the U.S.,” he said.
Analysts warn that returning Venezuela to its 1990s production peak of more than three million barrels per day would require massive investment and years of work. Norwegian consultancy Rystad Energy estimates the country would need roughly $110 billion to reach about two million barrels per day. Montgomery added that extensive studies would be needed to assess the current condition of Venezuela’s reservoirs.