Venezuela to Transfer Up to 50 Million Barrels of Oil to U.S., Trump Announces

President Donald Trump announced that Venezuela's interim government will transfer between 30 and 50 million barrels of oil to the United States. The oil will be sold at market prices, with the proceeds managed by the U.S. administration to benefit both Venezuelans and Americans.

This development follows a U.S. military operation on January 3, 2026, which resulted in the capture of Venezuelan President Nicolás Maduro. The operation led to significant casualties, including at least 24 Venezuelan security officers and 32 Cuban personnel.

Energy Secretary Chris Wright has been directed to execute the oil transfer plan immediately. The barrels will be transported by storage ships directly to unloading docks in the United States.

The U.S. administration is also planning to meet with executives from major oil companies, including ExxonMobil, Chevron, and ConocoPhillips, to discuss investment in Venezuela's energy sector. This initiative aims to rebuild the country's oil infrastructure and generate revenue for both nations.

Venezuela holds the world's largest proven oil reserves, estimated at 17% of the global total, or 300 billion barrels. However, the country's oil industry has been in decline due to various factors, including legal instability and U.S. sanctions.

The transfer of up to 50 million barrels of oil is expected to raise significant revenue. Venezuelan oil is currently trading at $55 per barrel, potentially generating between $1.65 billion and $2.75 billion from the sale.

The timeline for the oil transfer remains unclear. A senior administration official indicated that the process would occur quickly due to the heavy nature of Venezuela's crude oil, which cannot be stored for long periods.