Donald Trump has announced that Venezuela will transfer between 30 and 50 million barrels of oil to the United States, a move he says will mark the first step in reshaping the country's battered energy sector after the seizure of President Nicolás Maduro.
In a statement posted on Truth Social, Trump said the oil would be sold at market prices, with revenues controlled by the US government and directed toward benefiting both Venezuelans and Americans. He added that storage ships would collect the crude and deliver it directly to US ports, and that he had instructed energy secretary Chris Wright to carry out the plan "immediately".
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The declaration follows Trump's vow to "take back" Venezuela's vast oil reserves and revive production after years of sanctions, mismanagement and corruption. He has claimed US oil companies are ready to invest billions to rebuild infrastructure, though major firms including Chevron, Exxon Mobil and ConocoPhillips have yet to publicly endorse the proposal.
Once a global oil powerhouse, Venezuela now produces a fraction of its former output despite holding the world's largest known reserves. Experts estimate it would take more than $100bn in investment and years of work to restore production, an uncertain prospect given past nationalisations and unpaid arbitration awards that still loom large for foreign investors.