Trump says Venezuela ‘turning over’ up to 50m barrels of oil to US
In a significant move following the capture of Nicolás Maduro, US President Donald Trump announced on Tuesday, January 6, 2026, that Venezuela’s newly installed interim authorities will transfer between 30 million and 50 million barrels of high-quality oil to the United States.
In a post on Truth Social, the President clarified that the oil will be sold at its current market price—estimated to be worth between $1.65 billion and $2.85 billion—and that the resulting revenue will be kept under strict American oversight. “That money will be controlled by me, as President of the United States of America,” Trump wrote, asserting that the funds would be used to benefit the citizens of both nations.
The President has already directed Energy Secretary Chris Wright to execute the transfer immediately. According to administration officials, the oil is primarily heavy crude that has already been produced and is currently stored on vessels or in onshore facilities that were previously blocked from export. These tankers are expected to be diverted directly to unloading docks and refineries along the US Gulf Coast.
This announcement follows Trump’s earlier declaration that the United States would temporarily “run” Venezuela’s policy to facilitate a transition. Critics and some international leaders, including Colombia’s Gustavo Petro, have characterized the move as an unlawful seizure of sovereign resources. Conversely, the White House has framed the plan as a “national rescue mission” for Venezuela’s economy, which has suffered from years of infrastructure decay.
To further this strategy, President Trump is scheduled to meet with top executives from Exxon, Chevron, and ConocoPhillips at the White House this Friday. The meeting is expected to focus on potential multi-billion dollar investments to rebuild Venezuela’s broken energy sector, which currently produces only a fraction of its historical capacity despite holding the world’s largest proven crude reserves
