Trump Announces Plan to Receive Up to 50 Million Barrels of Venezuelan Oil

President Donald Trump said late Tuesday that Venezuela’s interim authorities have agreed to transfer between 30 million and 50 million barrels of crude oil to the United States. The remark, delivered through a social-media statement, outlined a proposal in which the shipment would be sold at prevailing market prices, with proceeds to be administered by the White House for the stated purpose of supporting both Venezuelan and U.S. citizens.

Trump indicated that Energy Secretary Chris Wright has been directed to begin the operation immediately. According to the president, the crude will be loaded onto storage tankers and transported directly to U.S. ports equipped to manage large-volume petroleum imports. No specific timeline was provided for the arrival of the vessels, but Trump emphasized the need for what he termed “swift execution.”

The declaration follows significant developments in Venezuela’s political landscape. Three days earlier, U.S. military personnel apprehended Nicolás Maduro and his wife in Caracas and flew them to New York, where federal prosecutors have accused the former Venezuelan leader of participating in a drug-trafficking conspiracy. Maduro’s detention leaves Venezuela’s interim administration, recognized by Washington, in control of the country’s governing functions and, by extension, its state-run oil company, Petróleos de Venezuela S.A. (PDVSA).

Under the plan laid out by Trump, revenue from the oil sale will be placed under U.S. custodianship. The president stated that the funds would be disbursed “to benefit the people of Venezuela and the United States,” though he did not elaborate on the mechanisms that will determine eligibility or distribution. Administration officials have not yet released details on how the proceeds might be allocated or monitored.

If the full 50 million barrels are transferred, the shipment would represent a substantial volume—roughly half of what the United States imports in a typical week, based on recent data from the U.S. Energy Information Administration. Market analysts note that any large injection of crude could influence short-term pricing, depending on global supply conditions at the time of delivery. However, the actual impact will remain uncertain until shipping schedules, crude grades and refinery destinations are clarified.

Venezuela sits on one of the world’s largest proven oil reserves, but years of economic turmoil, infrastructure decline and international sanctions have sharply reduced the country’s production levels. The potential transfer announced by Trump would require coordination with PDVSA’s existing export facilities, including the El Palito refinery, where reports indicate several tankers are currently berthed. Logistical challenges such as vessel availability, insurance coverage and compliance with U.S. sanctions laws are expected to factor into the operation’s timeline.

Energy Secretary Wright, appointed earlier this year, has not yet commented publicly on the president’s directive. The Department of Energy typically oversees domestic energy strategy, but it will have to cooperate with the Departments of State and Treasury to ensure that the shipment complies with federal regulations governing foreign assets and sanctions. Administration officials are also likely to consult with U.S. Gulf Coast refineries that are configured to process heavy Venezuelan crude.

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Congressional reaction to Trump’s announcement was mixed in preliminary statements released Tuesday night. Some legislators raised questions about executive authority over foreign revenue, while others expressed support for measures aimed at alleviating Venezuela’s humanitarian crisis. The State Department has previously stated that any oil-related transactions involving Venezuela must demonstrate clear benefits for the Venezuelan population and conform to applicable legal requirements.

Meanwhile, courtroom proceedings for Maduro are expected to draw international attention. The former president’s indictment alleges involvement in a long-running conspiracy to traffic narcotics to the United States. His legal team has not issued a formal response, and no trial date has been set. Observers anticipate that the outcome of the case could influence Washington’s broader policy toward Caracas, including the status of sanctions and the recognition of interim leadership.

As of Wednesday morning, the White House had not provided further guidance on the operational specifics of the oil transfer or on oversight mechanisms for the anticipated revenue. Industry stakeholders, humanitarian organizations and international partners are monitoring developments closely, given the scale of the proposed shipment and the geopolitical implications surrounding Venezuela’s energy sector.

Crédito da imagem: Picture Alliance / Getty Images