7.1.2026
US President Donald Trump has said he will be taking charge of about 50 million barrels of Venezuela crude oil – worth about $2.8bn.
Trump who was writing on his Truth Social media platform said the oil will be sold at the open market and the money will be used to benefit the people of the Venezuela and the US.
This is coming after the US military invaded Venezuela and capture its President Nicolas Maduro who was arraign in New York for on drug trafficking charges. Trump said his country will be running the affairs of Venezuela until a new government is elected. Maduro’s Vice President Delcy Rodríguez was sworn in and would likely be taking orders from Washington DC.
“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,” President Trump wrote on Truth Social.
“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!”
On Monday the US president told NBC News: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”
Representatives from major US petroleum companies planned to meet the Trump administration this week, the BBC’s US partner CBS reported.