President Donald Trump stated Tuesday that Venezuela’s interim government has agreed to transfer roughly 30 million to 50 million barrels of sanctioned crude oil to the United States, with the oil to be sold at market prices.
“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,” Trump wrote on Truth Social.
Energy Secretary Chris Wright has been directed to implement the plan immediately, with the barrels transported by storage ships directly to U.S. unloading docks.
The move came three days after U.S. forces captured Venezuelan President Nicolás Maduro and took him to New York, where he is charged in a federal drug‑trafficking conspiracy indictment. The deal would grant President Trump the authority to sell up to $3 billion (£2.2 billion) worth of Venezuelan crude.
China, the largest purchaser of Venezuelan oil, has denounced Trump’s decision and criticized reported U.S. demands that Venezuela supply its crude exclusively to Washington.
Although the volume seems significant, the United States consumed more than 20 million barrels of oil per day over the past month. Analysts noted that the transfer is unlikely to have a major effect on fuel prices.
Venezuela has built up substantial crude reserves since Washington imposed an oil embargo late last year.
However, moving such quantities to the U.S. could sharply deplete the nation’s stockpiles. The shipments are expected to draw from both onshore storage facilities and seized tankers that had previously carried Venezuelan crude.
Meanwhile, the White House has scheduled an Oval Office meeting on Friday with executives from major oil companies to discuss Venezuela, with representatives from Exxon, Chevron, and ConocoPhillips expected to attend.
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