Trump says Venezuela will 'turn over' up to 50 million barrels of oil to US

Antonio María Delgado, Miami Herald on Jan 6, 2026

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President Donald Trump said Tuesday evening that Venezuela’s interim authorities have agreed to turn over between 30 million and 50 million barrels of oil to the United States, an unexpected sign of the rapidly evolving relationship between Washington and the Caracas socialist leadership.

It was not immediately clear which Venezuelan entities would oversee the transfer, how the oil volumes would be allocated over time, or under what legal framework the United States would assume control of the proceeds. The White House did not immediately release additional details regarding oversight mechanisms, timelines or whether congressional authorization would be required.

At current market prices, 30 million barrels of crude would be worth roughly $1.4 billion, while 50 million barrels would have a market value of approximately $2.4 billion.

In his online statement, Trump said the oil — which he described as “high quality” and “sanctioned” — would be sold at market prices, with the proceeds controlled by the U.S. president to ensure the funds are used “to benefit the people of Venezuela and the United States.”

“I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” Trump wrote.

Trump said he had instructed Energy Secretary Chris Wright to execute the plan “immediately,” adding that the oil would be transported by storage ships and delivered directly to unloading docks in the United States.

Venezuela’s oil exports plunged after the Trump administration reintroduced oil sanctions in the middle of last year, sharply restricting the regime’s access to foreign revenue and forcing the country to store large volumes of unsold crude for months.

The announcement comes amid heightened political uncertainty in Venezuela following a predawn raid launched by U.S. forces in Caracas on Saturday that led to the capture of former strongman Nicolás Maduro and his wife. U.S. officials say both are now in New York facing drug trafficking charges.

Washington has said it is seeking to stabilize the oil-rich nation while preventing further economic collapse and regional instability. On Saturday, U.S. officials announced plans to work closely with Maduro’s vice president, Delcy Rodríguez, as part of an effort to stabilize the country and eventually move toward a democratic transition.

Rodríguez was sworn in as the interim president on Monday.

Venezuela holds the world’s largest proven reserves of crude oil, but years of sanctions, mismanagement and infrastructure decay have sharply curtailed production and exports.

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