Former US President Donald Trump has declared a significant agreement with Venezuela's interim government, securing a transfer of what he termed "high quality" oil to the United States. The announcement, made via his Truth Social platform on Wednesday 7 January 2026, outlines a deal for between 30 and 50 million barrels of crude.
The Details of the Oil Transfer
According to Trump's statement, the oil, valued at over $2 billion (£1.48 billion), will be transported directly to US unloading docks using storage ships. Crucially, the funds generated from selling the oil at market price will be controlled by Mr Trump himself. Energy Secretary Chris Wright has been tasked with executing the plan.
This move follows the audacious American military raid on Caracas that led to the capture and arrest of Venezuela's President, Nicolas Maduro. Trump has been vocal about his intentions for Venezuela's vast energy reserves since the operation, which he later described as "an amazing military feat". The Pentagon confirmed at least seven US service members were injured, while Venezuelan forces reported at least 24 military officers killed.
US Ambitions and Venezuela's Oil Industry
Venezuela possesses the world's largest reserves of heavy oil, surpassing both Canada and Russia. Trump has suggested that US oil companies could be operational in the country within 18 months, warning the interim regime of further military intervention if it fails to cooperate.
The US oil presence in Venezuela is currently limited to a single multinational, Chevron. Two other giants, Exxon Mobil and ConocoPhillips, departed after the late Hugo Chavez nationalised the industry. In a related enforcement action last month, the US blocked oil tankers from leaving Venezuela and seized several in international waters to uphold sanctions.
Regional Reactions and Broader Ambitions
Venezuela's newly sworn-in acting president, Delcy Rodriguez, who took office on Monday, asserted in a televised address that "no external agent" was governing the country. Meanwhile, reports emerged that bosses from US oil companies were expected at the White House as early as Thursday 8 January to discuss potential investments.
The Trump administration's openness extends beyond Venezuela. The White House has also indicated a willingness to use military force to seize the mineral-rich territory of Greenland from NATO ally Denmark, signalling a broader, assertive foreign policy approach focused on resource acquisition.
