Trump Announces Venezuela Will Hand Over Up to $2.8B Worth of Oil to the US
Venezuela’s oil fields have turned into America’s strategic asset. The former president said Venezuela will transfer up to 50M barrels of crude to the US, worth about $2.8B at current prices, after the capture of Nicolás Maduro. The oil will be sold at market rates, with proceeds controlled by Trump “to benefit both Venezuela and the United States.”
- The transfer equals roughly 30–50 days of Venezuela’s pre-blockade output — a fraction of the nation’s former output despite holding the world’s largest proven crude reserves.
- US crude prices fell about 2.4% to roughly $56 a barrel, while China loses a key supply line and may pivot to Iraqi or Canadian crude.
Refinery windfall ahead: US Gulf Coast refineries run by Phillips 66PSX and Valero EnergyVLO, designed for heavy Venezuelan crude, stand to benefit from renewed shipments. Trump plans to meet energy executives to enlist Western firms in rebuilding Venezuela’s oil industry while pushing for an exclusive US partnership that sidelines China, Russia, Iran, and Cuba. Analysts warn the move is a one-off boost, not a lasting supply shift, since reviving output would take years and billions in investment.