Trump Says Venezuela Will Hand Over Up to 50 Million Barrels of Oil to US After Political Transition

US President Donald Trump has announced that Venezuela will “turn over” between 30 million and 50 million barrels of oil to the United States, following a military operation that removed President Nicolás Maduro from power and ushered in an interim administration in Caracas.

In a statement posted on his Truth Social platform on Tuesday, Trump said the oil — valued at about $2.8bn (£2.1bn) at current market prices — would be sold at full market value, with the proceeds placed under US control. He added that the funds would be used to benefit both the Venezuelan people and the United States.

“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,” Trump wrote. “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.”

The announcement came a day after Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as interim president. Maduro has been transferred to the United States, where he is facing long-standing drug-trafficking and weapons-related charges.

Trump also said the move marked the beginning of a broader economic reset for Venezuela, predicting that the US oil industry would be fully operational in the country within the next 18 months. He added that he expected major international investments to flow into Venezuela as stability returns and sanctions are restructured under the new political arrangement.

“This is the start of something very big,” Trump said earlier this week, arguing that Venezuela’s vast energy resources could once again be developed at scale with international backing and modern infrastructure.

The proposed oil transfer has drawn strong reactions internationally. China, which has been Venezuela’s largest oil customer in recent years, criticised the announcement and objected to reports that the United States is seeking exclusive access to Venezuelan crude. Beijing said it opposed any arrangement that sidelines existing commercial partners.

Despite the criticism, US officials have framed the development as a pathway to economic recovery for Venezuela after years of sanctions, declining production and political isolation. Supporters of the plan say the controlled sale of oil could provide immediate financial relief while laying the groundwork for longer-term reforms.

Venezuela holds the world’s largest proven oil reserves, but output has been severely constrained in recent years due to underinvestment, infrastructure decay and international sanctions. Trump’s administration argues that renewed engagement with US energy firms and access to global markets could help restore production and stabilise the country’s economy.

Global oil markets reacted cautiously to the announcement, with prices easing slightly amid expectations of additional supply, though analysts noted that the volumes discussed remain modest relative to total global consumption.