President Donald Trump announced on January 6, 2024, that Venezuela will provide the United States with tens of millions of barrels of oil. This statement follows the recent U.S. military operation that resulted in the seizure of Venezuelan President Nicolas Maduro. Trump indicated that the transitional government, led by newly sworn-in President Delcy Rodriguez, will supply between 30 million and 50 million barrels of “high quality, sanctioned oil” to the U.S.
During a post on his Truth Social platform, Trump emphasized that the oil would be sold at market price and that the proceeds would be managed by the U.S. government to benefit both Venezuelans and Americans. Although the timeline for the oil delivery remains unclear, the plan involves transporting the oil to the U.S. via oil tankers. Energy Secretary Chris Wright has been directed to implement the plan “immediately,” responding affirmatively on social media.
The military operation that led to Maduro’s capture occurred in the early hours of Saturday, preceding this announcement. It came as part of a broader strategy by the Trump administration, which had intensified pressure on Venezuela over recent months. Maduro and his wife, Cilia Flores, are now facing serious allegations, including narcotrafficking and other drug-related charges in the United States.
The U.S. has maintained a naval blockade on Venezuelan oil since mid-December 2023. Trump has claimed that the oil and assets owned by U.S. companies were “stolen” due to Venezuela’s nationalization of its oil industry, a policy dating back decades. As the country holds the world’s largest oil reserves, this deal has significant implications for both nations.
As the political landscape shifts, Rodriguez assumes the presidency amid claims from Trump that the U.S. will play a dominant role in Venezuela’s governance. Others in the administration, including Secretary of State Marco Rubio, have attempted to moderate this assertion, suggesting that Rodriguez is open to collaborating with the U.S. to restore Venezuela’s standing.
According to the U.S. Energy Information Administration, the United States consumed an average of 20.25 million barrels of petroleum per day in 2023. The potential influx of Venezuelan oil could impact both countries’ economies significantly, providing new avenues for collaboration in a region historically fraught with tension.
The unfolding situation in Venezuela will be closely monitored as the U.S. navigates its role in the country following this unprecedented political change.
