'Over 30-50 Million Barrels': Trump Says US To Get High-Quality Oil From Venezuela At Market Price

Last Updated:January 07, 2026, 07:12 IST

Donald Trump announced that Venezuela will transfer 30-50 million barrels of sanctioned oil to the United States, with proceeds to be used for the benefit of both countries.

A file photo of US President Donald Trump (AP)

US President Donald Trump on Wednesday announced that Venezuela’s “Interim Authorities" would be turning over between 30 million and 50 million barrels of high-quality, sanctioned oil to the United States.

Trump also said that the proceeds from the sale of the oil would be controlled by him to ensure they benefit both Venezuela and the US.

In a series of posts on his social media platform Truth Social, Trump said the oil would be sold at its market price and transported directly to 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.

He added that the oil would be sold commercially and that the money generated would be handled by the US presidency.

“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!" Trump mentioned.

Trump also said he had instructed Energy Secretary Chris Wright to act immediately.

“I have asked Energy Secretary Chris Wright to execute this plan immediately," he wrote, adding that the oil “will be taken by storage ships and brought directly to unloading docks in the United States."

According to an Associated Press report, Trump’s announcement came hours after Venezuelan officials said at least 24 Venezuelan security officers were killed during a late-night US military operation that led to the capture of Venezuelan President Nicolas Maduro, who was taken to the United States to face drug trafficking charges.

The report mentioned that Trump has made it clear his administration will now “run" Venezuela policy and is pressing the country’s leaders to open its vast oil reserves to American energy companies.

In that context, the White House is also organising an Oval Office meeting on Friday with oil executives to discuss Venezuela, with representatives from Exxon, Chevron and ConocoPhillips expected to attend, according to a person familiar with the matter.

Trump has also publicly pushed back against criticism from Democrats over the military operation.

Speaking at a House Republican retreat, Trump complained that Democrats were not giving him credit for what he described as a successful mission, even though there has been bipartisan agreement that Maduro was not Venezuela’s rightful president.

“You know, at some point, they should say, ‘You know, you did a great job. Thank you. Congratulations.’ Wouldn’t it be good?" Trump said.

“I would say that if they did a good job, their philosophies are so different. But if they did a good job, I’d be happy for the country."

Trump also referenced past efforts to arrest Maduro, noting that US authorities had pursued the Venezuelan leader for years on drug trafficking allegations.

Maduro was indicted in the United States in 2020 on narco-terrorism and cocaine trafficking charges.

The Trump administration later doubled the reward for information leading to Maduro’s arrest to USD 50 million.

With oil trading at roughly USD 56 a barrel, the AP noted that the transaction Trump announced could be worth as much as USD 2.8 billion.

The United States consumes roughly 20 million barrels of oil per day, making the proposed Venezuelan transfer equivalent to up to two and a half days of US oil supply, according to the US Energy Information Administration.

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