In an extraordinary assertion of presidential authority, Donald Trump has announced that Venezuela will “turn over” up to 50 million barrels of crude to the United States, with the billions in proceeds to be managed directly by the Oval Office.
President Donald Trump announced Tuesday (January 6, 2026) that Venezuela’s “Interim Authorities” will provide between 30 million and 50 million barrels of high-quality, sanctioned oil to the United States. In a move that’s stunned global energy markets and diplomatic circles, Trump declared the revenue from these sales, estimated at up to $2.8 billion, will be “controlled by me, as President” to make sure it benefits the citizens of both nations.
The President’s plan involves rapidly extracting oil that’s been largely trapped in storage because of a U.S.-led blockade that came before the capture of Nicolás Maduro over the weekend.
- Immediate Execution: Trump has told Energy Secretary Chris Wright to implement the plan “immediately.” The crude is expected to be moved via specialized storage ships directly to unloading docks along the U.S. Gulf Coast.
- Market Impact: News of the deal caused U.S. crude prices to dip by nearly 2% to around $56 a barrel, as traders anticipated a sudden influx of heavy Venezuelan crude into the domestic refining system.
- The Scale: While 50 million barrels is a significant transfer, it represents roughly two and a half days of total U.S. oil consumption, highlighting the symbolic and political nature of the move more than its long-term energy impact.
The announcement has strained relations even more with the remaining leadership in Caracas.
- The Death Toll: As Trump laid out his energy vision, officials in Caracas revealed that at least 24 Venezuelan security officers were killed during the “dead-of-night” raid that captured Maduro on January 3.
- Rodriguez’s Defiance: Interim President Delcy Rodríguez has pushed back against Trump’s threats, saying her “destiny is determined by God” and not by Washington. Trump previously warned she could face an outcome “worse than Maduro’s” if she doesn’t help facilitate U.S. access to the country’s vast reserves.
While the President claims the money will be “controlled by him,” the administration is moving to bring in the private sector to rebuild Venezuela’s crumbling energy infrastructure.
- The Meeting: The White House has organized a high-level meeting for Friday (January 9) with executives from ExxonMobil, Chevron, and ConocoPhillips.
- The Trade-Off: Administration officials have suggested U.S. companies may need to lead the “re-pumping” of Venezuela’s infrastructure as a condition for getting compensation for assets seized during the Chávismo era.
“I am pleased to announce that the Interim Authorities in Venezuela will be turning over… 30 to 50 MILLION Barrels of High Quality, Sanctioned Oil… and that money will be controlled by me, as President of the United States of America!” President Donald Trump, Truth Social.
“There’s not much of a precedent for this kind of thing… for a U.S. President to say he will personally control foreign oil revenues.” Scott Montgomery, Global Energy Expert, University of Washington.
Also Read / Operation Absolute Resolve: U.S. forces capture Nicolás Maduro in lightning strike.
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