World
Trump Says Venezuela Will Transfer Up to 50 Million Barrels of Oil to U.S.
By Jake Beardslee · January 6, 2026
President Donald Trump said Venezuela will turn over between 30 million and 50 million barrels of oil to the United States following a U.S. military operation that resulted in the capture of Venezuelan President Nicolás Maduro and the installation of an interim government.
In a Jan. 6 social media post, Trump said the oil would be sold at market prices, with proceeds controlled by the U.S. president. “This Oil will be sold at its Market Price, and that 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.
Maduro was captured during what U.S. officials described as an extraordinary military operation carried out early Jan. 3 and was transported to New York City to face federal drug-trafficking charges. He pleaded not guilty in federal court on Jan. 5. Shortly after his arrest, Delcy Rodríguez, who previously served as vice president, was sworn in as Venezuela’s interim president.
Trump has repeatedly focused on Venezuela’s oil resources in the aftermath of the operation. In a speech following Maduro’s capture, he accused previous Venezuelan governments of stealing American-built infrastructure, a claim disputed by some international energy law experts. “We built Venezuela oil industry with American talent, drive and skill,” Trump said. “And the socialist regime stole it from us during those previous administrations, and they stole it through force. This constituted one of the largest thefts of American property in the history of our country.”
Venezuela holds the largest proven oil reserves in the world and once hosted multiple U.S. oil companies. However, Chevron is now the only major American oil firm still operating in the country after former President Hugo Chávez moved to nationalize the oil industry.
Speaking to NBC on Jan. 5, Trump said Venezuelan oil production could be revived in less than 18 months, with American oil companies initially funding the effort. “A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they’ll get reimbursed by us, or through revenue,” Trump said.
In his Jan. 6 announcement, Trump said the oil “will be taken by storage ships, and brought directly to unloading docks in the United States.” He added that Energy Secretary Chris Wright is coordinating the effort and is meeting with oil executives in Miami this week.