WASHINGTON: Former U.S. President Donald Trump announced on Tuesday that interim authorities in Venezuela have agreed to transfer between 30 million and 50 million barrels of crude oil to the United States — a move he said would be sold at prevailing market prices with the revenue overseen by the U.S. government.
In a post on his social platform, Trump said the oil would be sold “at its market price” and that the money would be “controlled by me, as President of the United States of America” to ensure it benefits both Venezuelan and U.S. citizens.
Trump said he had instructed Energy Secretary Chris Wright to implement the plan immediately, with the crude loaded onto storage ships and shipped directly to U.S. unloading docks.
The announced volume — while significant — amounts to only a fraction of U.S. oil consumption, which totals about 20 million barrels per day, and analysts say its impact on fuel prices is likely to be limited.
At current market rates of roughly $55 per barrel, the transfer could be worth between about $1.6 billion and $2.8 billion.
The arrangement comes amid broader tensions following recent U.S. military strikes in Venezuela and the capture of President Nicolás Maduro, after which interim leaders assumed control of government functions.
Venezuela has built up large crude stockpiles since a U.S. oil embargo late last year, and Washington’s move to divert Venezuelan oil supplies to U.S. ports reflects strategic energy and geopolitical interests, including efforts to redirect exports that had previously been bound for markets in Asia.
Trump’s announcement sparked modest reactions in oil markets and underscores a high-stakes chapter in U.S.–Venezuela relations with wide implications for global energy flows and diplomatic alignments.
