President Donald Trump has announced that Venezuela’s interim authorities will transfer between 30 million and 50 million barrels of crude oil to the United States — a move he says will bring economic advantages to both Venezuelans and Americans.
In a post on his Truth Social platform on Wednesday, Trump described the oil as “high-quality” and subject to existing sanctions. He said it would be sold at prevailing market prices, with the revenue managed under his direction as president and used for programs he believes will benefit citizens in both countries.
Trump wrote that he was “pleased to announce” the arrangement with Venezuela’s current authorities, who agreed to provide the barrels to the United States. He also said he had instructed the US Energy Secretary to begin implementing the plan immediately, including transporting the oil to US docks via storage ships.
The announcement comes amid heightened geopolitical friction following a controversial US military operation in early January that resulted in the capture of Venezuelan President Nicolás Maduro and his wife. While the United States describes the raid as part of efforts to prosecute Maduro on drug trafficking and related charges, critics both domestically and internationally have condemned the intervention as a violation of Venezuela’s sovereignty and international law.
Government officials in Venezuela, including the newly instated interim leadership, have indicated a willingness to cooperate on economic matters, though the country remains deeply divided and politically unstable. Some armed groups and loyalist factions continue to operate in urban areas, and the security situation remains tense.
Internationally, the US action has drawn criticism from several nations and global bodies, with declarations that the operation undermines established norms of state sovereignty. The United Nations has voiced concerns about the legality of the military strike and the detention of a sitting head of state without clear authorization.
Analysts say that while Venezuela possesses some of the largest oil reserves in the world, its production levels have dwindled over the years due to underinvestment, sanctions, and infrastructure challenges. Restoring output to previous highs could require substantial investment and time, obstacles that may affect the practical impact of the announced oil transfer.
Trump’s declaration that he will control the proceeds of the oil sales underscores the extraordinary nature of this development, raising questions about how the funds will be allocated and supervised in the months ahead. The situation continues to evolve as governments, markets, and international observers react to these unprecedented events.
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