Trump Announces Venezuela to Hand Over Up to 50 Million Barrels of Oil to US

WASHINGTON: US President Donald Trump announced on Truth Social that Venezuela’s interim authorities will transfer 30-50 million barrels of high-quality oil—valued at around $2.8 billion—to the United States.

The oil will be sold at market price, with Trump personally controlling the funds to “benefit the people of Venezuela and the United States.” The move follows a US military operation that removed Nicolás Maduro, who was extradited to face drug-trafficking charges, and the swearing-in of former vice-president Delcy Rodríguez as interim leader.

50 Million Barrels

Trump claimed American oil companies could restart Venezuela’s industry within 18 months, tapping the world’s largest reserves of 303 billion barrels to lower global prices. He accused Maduro’s regime of stealing US oil assets.

However, analysts remain skeptical, estimating restoration could cost tens of billions and take a decade due to decayed infrastructure and heavy crude type. Major US firms like Chevron and ConocoPhillips are monitoring but cautious, citing needs for stability and past nationalizations. Historical disputes include unpaid compensation from 2007 expropriations

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