Trump says Venezuela’s interim authorities will supply the US with 30–50 million barrels of sanctioned crude at market prices.
Trump says he has directed the energy secretary to execute the transfer immediately, with oil to be shipped directly to US ports.
Top US oil companies, including Exxon, Chevron and ConocoPhillips, are set to meet at the White House on Friday.
US President Donald Trump said that Venezuela’s interim authorities would provide the United States with 30–50 million barrels of sanctioned, high-quality crude oil at market prices. The statement was made via Trump’s social media platform, Truth Social.
The comments come days after US forces captured Venezuela’s long-serving President Nicolás Maduro on January 3, according to reports. Trump has repeatedly stated his intention to open up Venezuela’s vast oil resources, which are the largest proven reserves in the world. He said the sale of Venezuelan oil to the US would be carried out under his direct oversight and would benefit both Americans and Venezuelans.
1 January 2026
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“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,” Trump wrote. He added that the proceeds would be used to “ensure it is used to benefit the people of Venezuela and the United States.”
According to reports citing Trump, the transfer of oil would be executed immediately. Trump said he had instructed Energy Secretary Chris Wright to complete the process without delay. The crude would be transported using storage vessels and unloaded directly at US ports. At current prices of around $56 per barrel, the transaction could be worth as much as $2.8 billion.
Separately, the White House is set to hold a high-level meeting on Friday with executives from major US oil companies to discuss the unfolding Venezuela crisis. Representatives from ExxonMobil, Chevron, and ConocoPhillips are expected to attend the meeting at the Oval Office, according to reports.
Venezuela’s acting President Delcy Rodríguez pushed back against Trump’s remarks, rejecting Washington’s claims and actions. However, Trump had earlier warned that if Rodríguez failed to cooperate with US interests, she could face consequences “worse than Maduro.”
Trump has also dismissed criticism from Democrats over the military operation in Venezuela. He noted that former US President Joe Biden had previously called for Maduro’s arrest on drug trafficking charges, arguing that his administration’s actions were consistent with earlier US policy positions.
The developments mark a sharp escalation in US involvement in Venezuela’s political and energy affairs, with potentially far-reaching implications for global oil markets and geopolitical stability.
