Venezuela to turn over 50m barrels of oil to US — Trump

President Donald Trump has said Venezuela would turnover up to 50 million barrels of oil to the US, after a military operation to remove President Nicolás Maduro from power.

The oil, worth about $2.8 billion (£2.1bn), will be sold at its market price, the US president wrote on social media, adding that he would control the money raised and use it to benefit the people of Venezuela and the US.

This is even as the US has seized US seized a Russian-flagged oil tanker linked to Venezuela after tracking it across the Atlantic, according to the US European Command. The US said it also seized another Venezuela-linked vessel in the Caribbean in the early hours of yesterday, Wedne-sday, January 3, 2026.

His comments come after he said the US oil industry would be up and running in Venezuela within 18 months and that he expected huge investments to pour into the country.

China, which has been the biggest buyer of Venezuelan oil in recent years, has condemned Trump’s announcement as well as the US’s reported demands that Venezuela gives its oil exclusively to them.
It is not clear if Venezuela’s interim leader, Delcy Rodríguez, has agreed to an exclusive partnership with the US on oil production and sever economic ties with China, Russia, Iran and Cuba.

Trump posted on Truth Social yesterday: “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!”

His comment came a day after Rodríguez, formerly Venezuela’s vice-president, was sworn in as its interim president.

The US president told NBC News on Monday: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.” White House vows to continue to seize sanctioned tankers

Meanwhile, the White House Press Secretary, Karoline Leavitt, said Wednesday that significant private sector interest is emerging around Venezuela’s oil industry as the United States works on a potential deal with the country’s interim government.

She said that Trump administration is not afraid to continue to seize sanctioned tankers
“There’s a lot of private sector engagement that’s happening right now,” Leavitt said, noting that Energy Secretary Chris Wright is leading the effort.

“As you know, Secretary Wright, our energy secretary, who’s heading up this big project, is in Florida today, meeting with some of these oil executives, and as we confirmed earlier, they will also be at the White House later this week.”

“They’re eager about these opportunities. And Secretary Wright is a very well, knowledgeable guy when it comes to oil and energy, and he’s the perfect man for the job.”