Trump Says Venezuela to Turn Over 30–50 Million Barrels of Sanctioned Oil to the US

US President Donald Trump on Tuesday said the interim authorities in Venezuela would transfer between 30 million and 50 million barrels of sanctioned oil to the United States, adding that the proceeds from the sale would be controlled by his administration to ensure the funds are used for the benefit of both countries.

In a post on Truth Social, Trump described the crude as "high quality" and said it would be sold at prevailing market rates. He claimed the revenue generated from the sale would be overseen by him as President to ensure it serves the interests of the people of Venezuela as well as the United States.

Trump said he has directed Energy Secretary Chris Wright to carry out the plan with immediate effect. According to the President, the oil will be transported using storage ships and delivered directly to unloading docks in the United States.

"This oil will be sold at its market price, and that money will be controlled by me to ensure it is used to benefit the people of Venezuela and the United States," Trump said in his post, adding that execution of the plan had already been authorised.

The announcement follows dramatic developments in Venezuela over the weekend. On Saturday, Washington carried out what Trump described as a large-scale strike against Venezuela, after which long-time leader Nicolás Maduro and his wife Cilia Flores were captured and taken out of the country.

Soon after Maduro's capture, Trump said US oil companies would invest billions of dollars to repair Venezuela's severely damaged oil infrastructure. He said the move would allow production to be restored and generate revenue for the South American nation.

Trump also indicated that the United States plans to expand its role in global oil markets using Venezuelan crude. He said Washington would sell oil to countries interested in buying, noting that Venezuela's output had remained limited due to years of neglect and infrastructure failure.

"We're in the oil business. We're going to sell it to other countries," Trump said, adding that larger volumes would be available once production improves.

The announcement marks a major shift in US-Venezuela relations and could have far-reaching implications for global energy markets, though details on the legal framework and revenue management are yet to be clarified.