President Donald Trump announced on Tuesday that Venezuela's interim authorities have agreed to turn over between 30 million and 50 million barrels of "high-quality" oil to the United States. This major move comes just days after a daring U.S. military operation resulted in the capture of dictator Nicolás Maduro.
Trump emphasized that the oil will be sold at market price, with the proceeds remaining under his direct control. He vowed that the funds would be "used to benefit the people of Venezuela and the United States," marking a significant shift in regional energy policy.
Energy Secretary Chris Wright has been tasked with executing the transport plan "immediately." Storage ships are already being mobilized to bring the sanctioned crude directly to unloading docks along the U.S. coast.
In a recent interview with Joe Scarborough, the President directly addressed comparisons to the Iraq War. Trump asserted that the key difference this time is that the United States is "going to keep the oil."
"Bush didn't keep the oil," Trump told Scarborough during their 20-minute phone call. "We're going to rebuild their broken-down oil facilities, and this time we’re going to keep the oil."
The President is set to meet with the heads of major American oil companies, including Chevron, ExxonMobil, and ConocoPhillips, later this week. The high-stakes meetings at the White House will focus on investing billions of dollars to modernize Venezuela's crumbling infrastructure.
Venezuela currently holds the world's largest proven oil reserves, estimated at over 300 billion barrels. However, years of mismanagement and corruption under the Maduro regime have seen production plummet from 3.5 million to roughly 800,000 barrels per day.
Trump has made it clear that the U.S. will "run" Caracas until a safe and judicious transition of power is achieved. He also warned that he remains "ready to stage a second and much larger attack" if any hostile forces attempt to interfere with the interim government.
The Trump administration’s strategy appears to be an application of what the President calls the "Don-roe Doctrine." This policy reasserts American dominance in the Western Hemisphere while treating foreign energy resources as a national security priority.
While American oil titans have not yet confirmed specific investment plans, the transfer of millions of barrels is seen as a first step toward reintegrating Venezuela into the global market. The proceeds from these initial sales are expected to exceed $2.8 billion based on current market rates.