US to Take Venezuelan Oil Worth USD 5.2 Billion, Says Trump

US President Donald Trump said on Friday that Venezuela has offered to turn over 50 million barrels of oil to the United States, a move he said he welcomed amid deepening energy cooperation between Washington and the interim Venezuelan government.

Speaking to reporters during an event marking the renaming of a street to Donald J. Trump Boulevard, Trump said representatives from Venezuela’s new leadership told him the country needed to move oil quickly. “They said, we have 50 million barrels of oil, and we have to get it processed immediately because we have no room. Will you take it? I said, we’ll take it. It’s equivalent to USD 5.2 billion,” he said.

Trump also described the relationship with the current Venezuelan authorities as positive, saying, “We’ve had a great relationship with the people who are currently the Interim President and everybody else. A lot of pressure has been released.”

The announcement comes as the United States works to market Venezuelan oil following the recent overthrow and detention of former president Nicolás Maduro by US forces, actions that have significantly reshaped Washington’s relations with Caracas. Under new arrangements, the US is planning to sell millions of barrels of previously sanctioned Venezuelan crude. A first shipment valued at about USD 500 million has already been completed, and oil companies are preparing to secure tankers and logistical support for further deliveries.

Venezuela sits on what are believed to be some of the largest crude oil reserves in the world, estimated at more than 300 billion barrels. Trump has repeatedly spoken about mobilising major US oil companies to invest billions of dollars in repairing Venezuela’s aging energy infrastructure and unlocking its full production potential.

In comments on social media, Trump said the developing partnership with Venezuela “will be spectacular for all,” and suggested it could help make Venezuela “great and prosperous again,” though details of how the oil will be distributed or used were not disclosed.

The Trump administration has also taken control of the proceeds from Venezuelan oil sales, holding funds in accounts overseen by the US government. Some of these revenues are reportedly held in Qatar-based bank accounts under American supervision, while plans are underway to bring future proceeds into the US banking system.

Trump’s oil strategy follows a broader push by his administration to assert influence in Venezuela’s oil sector and regional geopolitics, even as experts caution that increased production and longer-term investment will take years to materialise given the country’s deteriorated infrastructure and political uncertainties.

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