US President Donald Trump has said that Venezuela “will be turning over” up to 50 million barrels of oil to the United States following a surprise US military operation that removed President Nicolás Maduro from power.
Writing on social media, Trump stated that the oil would be sold at market prices and that the proceeds would be controlled by him personally, with the stated aim of benefiting both the Venezuelan people and the United States.
His remarks followed earlier comments in which he said the US oil industry would be “up and running” in Venezuela within 18 months, predicting that major investments would soon flow into the country.
Energy analysts previously told the BBC that restoring Venezuela’s oil production could require tens of billions of dollars and may take up to a decade to achieve meaningful results.
In a post on Truth Social on Tuesday, Trump wrote: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION barrels of high-quality, sanctioned oil to the United States of America.”
“This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,” he added.
The statement came one day after Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as interim president. Nicolás Maduro has been transferred to the United States to face drug trafficking and weapons charges.
On Monday, Trump told NBC News: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”
According to CBS News, representatives from major US petroleum companies were expected to meet with the Trump administration this week.
Analysts who previously spoke with the BBC expressed scepticism that Trump’s plan would significantly affect global oil supply or prices in the near term.
They noted that energy firms would first seek assurances of political stability in Venezuela, and even if investments were approved, production gains would take years to materialize.
Trump has argued in recent days that American oil companies are capable of repairing Venezuela’s deteriorated oil infrastructure.
Venezuela holds an estimated 303 billion barrels of oil — the largest proven reserves in the world — but production has steadily declined since the early 2000s.
The Trump administration views Venezuela’s reserves as a major opportunity to strengthen US energy interests, despite the high costs associated with increasing production.
Venezuelan crude is heavy and difficult to refine, and currently only one US company, Chevron, maintains active operations in the country.
Asked about Trump’s plans, Chevron spokesperson Bill Turenne said the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets.”
“We continue to operate in full compliance with all relevant laws and regulations,” Turenne added.
ConocoPhillips, which no longer operates in Venezuela, said it is “monitoring developments in Venezuela and their potential implications for global energy supply and stability,” according to spokesman Dennis Nuss.
“It would be premature to speculate on any future business activities or investments,” Nuss said.
Exxon, another major US oil producer, did not immediately respond to requests for comment.
While justifying the seizure of Maduro from Caracas, Trump also claimed that Venezuela had “unilaterally seized and stolen American oil.”
Vice-President JD Vance echoed this claim on X, writing that Venezuela had expropriated American oil assets and used them to fund “narcoterrorist activities.”
However, the historical and legal context is more complex.
US oil companies have operated in Venezuela for decades under licensing agreements, but the country nationalized its oil industry in 1976.
In 2007, then-President Hugo Chávez expanded state control over remaining foreign-owned oil assets, including those held by US firms.
In 2019, a World Bank arbitration tribunal ordered Venezuela to pay $8.7 billion in compensation to ConocoPhillips for the 2007 expropriation.
That compensation has not been paid, leaving at least one US company with unresolved financial claims against Venezuela.
BBC Verify correspondent Ben Chu noted that describing Venezuela as having “stolen” American oil oversimplifies the issue, as experts emphasize that the oil itself was never legally owned by foreign companies, but by the Venezuelan state.