Trump Says Venezuela Will Transfer Up to 50 Million Barrels of Oil to the U.S.

President Donald Trump said Tuesday that Venezuela’s interim authorities have agreed to transfer between 30 million and 50 million barrels of oil to the United States following the U.S.-led removal of the country’s long-time authoritarian leader, Nicolás Maduro.

In a social media statement issued Tuesday evening, Trump said the oil would be sold at prevailing market prices, with proceeds overseen directly by the U.S. administration. He said the funds would be used in a manner intended to benefit both Venezuela’s population and the United States.

“The money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,” Trump wrote.

Trump said he had instructed Energy Secretary Chris Wright to implement the plan immediately, adding that the oil would be transported via storage vessels and unloaded directly at U.S. ports. He described the oil as “high quality” and said it would be transferred under approved sanctions conditions.

Following the announcement, U.S. crude futures fell 1.3% to $56.39 per barrel, reflecting market reaction to the potential increase in supply.

The statement comes days after U.S. forces captured Maduro and his wife, Cilia Flores, in Caracas. The pair were transported to New York, where they are facing federal charges related to an alleged drug-trafficking conspiracy. Both pleaded not guilty during their arraignment in U.S. District Court in Manhattan on Monday.

During the court proceeding, Maduro told U.S. District Judge Alvin Hellerstein that he had been “kidnapped” and described himself as a “prisoner of war.”

Meanwhile, The Wall Street Journal reported that Trump is expected to meet representatives from major U.S. energy companies at the White House later this week to discuss potential investments in Venezuela’s oil sector. Companies expected to attend include Chevron, ConocoPhillips, and Exxon Mobil, along with other domestic producers.

Trump has previously said U.S. energy companies could invest billions of dollars to rehabilitate Venezuela’s aging oil infrastructure. At present, Chevron is the only U.S. oil company operating in Venezuela. Assets owned by ConocoPhillips and Exxon Mobil were nationalized during the mid-2000s under former Venezuelan president Hugo Chávez.

An oil tanker remains docked at the El Palito refinery operated by Venezuela’s state oil company PDVSA, highlighting the country’s ongoing reliance on oil exports as it navigates political transition and international scrutiny.