Venezuelan authorities will provide between 30 million and 50 million barrels of oil to the United States, President Donald Trump announced Tuesday evening.
The announcement comes after the U.S. captured former Venezuelan dictator Nicolas Maduro on drug trafficking charges, a move that led oil industry stock prices to rise significantly in the days following Maduro’s arrest.
“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. 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 on Truth Social.
The interim president of Venezuela is Delcy Rodriguez, Maduro’s former vice president, who was selected to take over as acting president by Venezuela’s Supreme Court and sworn into office on Monday. Rodriguez, according to Trump, told Secretary of State Marco Rubio, “We’ll do whatever you need” in Venezuela.
Energy Secretary Chris Wright will be in charge of administering the plan, Trump said, adding that the sanctioned oil “will be taken by storage ships, and brought directly to unloading docks in the United States.”
Trump, Wright, and Interior Secretary Doug Burgum will each participate in a meeting with oil industry executives on Friday about plans to drill in Venezuela, according to multiple reports. The White House-organized meeting is expected to include companies such as Exxon, Chevron, and ConocoPhillips, according to the Associated Press.
Wright gave a nod to Trump’s announcement on X, writing, “On it Mr. President. You have my attention to this matter.”
Trump and Rodriguez have gone back and forth with their rhetoric since Maduro’s ouster, with Trump backing her as the country’s next leader but also telling the Atlantic, “If she doesn’t do what’s right, she is going to pay a very big price, probably bigger than Maduro.”
Rodriguez, as the country’s former oil minister, has played a crucial role in stabilizing Venezuela’s oil industry, helping it navigate economic struggles stemming from mismanagement and American sanctions.
In a speech to Venezuelan officials, Rodriguez said Tuesday, “Personally, to those who threaten me: My destiny is not determined by them, but by God.”
