In a significant move for global energy markets, former US President Donald Trump has declared that Venezuela's interim administration will transfer a vast quantity of its crude oil to the United States.
The Details of the Oil Transfer
The announcement, made via Trump's Truth Social platform on Wednesday 7 January 2026, stated that between 30 and 50 million barrels of what he termed "high quality" oil will be handed over. The crude, with an estimated value exceeding $2 billion (£1.48 billion), is to be collected by storage ships and transported directly to American unloading docks.
The money generated from selling the oil at market price will be controlled by Mr Trump himself, according to his statement. He has tasked Energy Secretary Chris Wright with executing the plan.
Background and Strategic Ambitions
This development follows the capture and arrest of Venezuelan President Nicolas Maduro during a US military raid on Caracas. Trump has been vocal about his intentions for Venezuela's energy sector since the operation, which he later boasted about in a Washington speech, calling it "an amazing military feat".
The Pentagon confirmed at least seven US service members were injured in the raid, while Venezuela's military reported at least 24 of its officers killed.
Trump has suggested that American oil companies could be operational in Venezuela within 18 months and has warned the interim regime, led by acting president Delcy Rodriguez, of further military intervention if it fails to cooperate. Rodriguez, sworn in on Monday, has insisted there is "no external agent" governing the country.
Venezuela's Oil Landscape and US Involvement
Venezuela possesses the world's largest reserves of heavy oil, surpassing both Canada and Russia. However, its industry has been crippled by sanctions and nationalisation. Currently, Chevron is the only US multinational operating there. Exxon Mobil and ConocoPhillips departed after the late Hugo Chavez nationalised the oil industry.
Last month, the US escalated pressure by blocking oil tankers from leaving Venezuela and seizing several in international waters to enforce sanctions. In a related development, reports emerged that bosses from US oil firms were expected at the White House as early as Thursday to discuss potential investments.
This aggressive posture extends beyond Venezuela. The Trump administration has also openly discussed ambitions for Greenland, suggesting a willingness to use military force to seize the mineral-rich territory from NATO ally Denmark.
