US President Donald Trump has declared that Venezuela will supply “up to 50 million barrels of oil” to America following the sudden military operation that removed Nicolas Maduro from power.
Writing on his social media platform Truth Social, Trump stated that this oil would be sold at market prices, with the proceeds remaining under his control as US President. He emphasized that the funds would be utilized for the benefit of both Venezuelan and American citizens.
Trump’s statement comes at a time when he predicted that American oil operations in Venezuela would become fully operational within 18 months, expressing hope that this would attract massive investment to the Latin American nation. However, energy analysts previously told the Media Agency BBC that restoring Venezuela’s oil production to former levels could require tens of billions of dollars and take up to a decade to accomplish.
What Did Trump Say?
The American President posted on Truth Social Tuesday, stating, “I am pleased to announce that Venezuela’s interim administration will provide America with 30 to 50 million barrels of high-quality sanctioned oil.”
He wrote that this petroleum would be sold at prevailing market rates, with revenue remaining under his presidential authority to ensure its deployment serves Venezuelan and American interests. Trump’s remarks followed a day after Delcy Rodriguez, Venezuela’s former vice president, took oath as interim president, while Nicolas Maduro was transported to the United States to face narcotics trafficking and weapons-related charges.
Earlier Monday, Trump told NBC News, “An oil-producing Venezuela is beneficial for America because it keeps oil prices down.”
According to CBS, the BBC’s American partner network, representatives from major US petroleum corporations were planning meetings with the Trump administration this week. However, several analysts who previously spoke with the BBC expressed skepticism that Trump’s plan would significantly impact global oil supply or pricing.
They argued that companies would first demand assurance of a stable Venezuelan government, and even if investments materialized, results from such projects could take years to manifest.
Major Corporations’ Stance on Venezuelan Oil
Trump has consistently argued in recent days that American oil companies can rehabilitate Venezuela’s petroleum infrastructure. Venezuela possesses an estimated 303 billion barrels of oil, considered the world’s largest proven reserves. However, the country’s oil production has steadily declined since 2000.
The Trump administration perceives significant energy sector opportunities for America within Venezuela’s oil reserves. Nevertheless, boosting Venezuelan oil production could prove extremely expensive for American corporations. Additionally, Venezuela produces heavy crude oil, which is difficult to refine. Currently, only one American company, Chevron, operates there.
When questioned about Trump’s plans for American oil production in Venezuela, Chevron spokesperson Bill Turenne stated the company’s focus remains “on the safety and well-being of our employees along with protecting our assets.” Turenne added, “We continue our operations while fully complying with all laws and regulations.”
Another major American firm, ConocoPhillips, no longer maintains Venezuelan operations. However, company spokesperson Dennis Nuss commented, “We are monitoring developments in Venezuela and their potential impact on global energy supply and stability.” Nuss cautioned, “Speculating about any future business activities or investments would be premature at this stage.”
Meanwhile, the third company, ExxonMobil, has not yet responded to inquiries on this matter.
Trump’s Claims About Venezuelan Oil
Justifying Maduro’s capture from Venezuela, Trump also claimed that Venezuela “unilaterally seized and stole American oil.” US Vice President JD Vance echoed this assertion on X following Maduro’s detention, writing, “Venezuela appropriated American oil assets and until recently used that same stolen property to enrich itself and fund its narco-terrorist activities.”
The reality, however, is considerably more complex. American oil companies have maintained a lengthy history in Venezuela, extracting petroleum under licensing agreements. Venezuela nationalized its oil industry in 1976, and in 2007, then-President Hugo Chavez further increased governmental control over remaining foreign assets belonging to American oil companies operating domestically.
In 2019, a World Bank tribunal ordered Venezuela to compensate ConocoPhillips $8.7 billion for this 2007 action. Venezuela has yet to pay this amount, meaning at least one American oil company’s compensation remains outstanding.
However, according to the BBC Verify’s Ben Chu, claiming Venezuela “stole” American oil represents an oversimplification. Experts maintain that the petroleum was always considered Venezuelan property without private ownership claims.
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