Trump Announces Venezuela Will Transfer Up to 50 Million Barrels of Oil to the US
US President Donald Trump announced Tuesday that Venezuela’s interim authorities will hand over between 30 million and 50 million barrels of crude oil to the United States. The oil will be sold at market value, with the proceeds controlled by the US government. According to Trump, the revenue will be used to benefit both the people of Venezuela and the United States.
President Trump directed Energy Secretary Chris Wright to implement the plan immediately, stating that the barrels will be transported by storage ships directly to US unloading docks. A senior administration official said much of the oil has already been produced, is stored in barrels, and is currently aboard ships en route to US facilities in the Gulf for refining.
While 30 to 50 million barrels is a significant amount, it is relatively small compared to daily US oil consumption, which exceeds 20 million barrels per day. Analysts caution that the transfer may have only a limited impact on US gasoline prices. The sale, at current oil prices, could generate between $1.65 billion and $2.75 billion in revenue, depending on market conditions and buyer demand.
Venezuela has accumulated substantial crude stockpiles due to US sanctions, but transferring such volumes may deplete its reserves. The oil is expected to come from both onshore storage and previously seized tankers. Officials indicated that the transfer will occur quickly because Venezuela’s heavy crude cannot remain in storage for long periods.
Trump framed the plan as a measure to support both nations while emphasizing US control over the proceeds. The announcement comes amid ongoing US efforts to enforce sanctions on Venezuela and secure strategic resources.
