Former US President Donald Trump has announced that the United States will take control of a large quantity of Venezuelan oil, saying between 30 and 50 million barrels will be seized, sold, and the proceeds managed by Washington.
The declaration signals a sharp escalation in US involvement in Venezuela following last week’s operation that led to the removal of President Nicolás Maduro.
In a statement shared on his Truth Social platform on Tuesday, January 7, 2026, Trump said the oil would be sold at market prices, with the revenue placed under his direct control.
According to Trump, the funds will be used in a way that benefits both the people of Venezuela and the United States.
“It will be taken by storage ships and brought directly to unloading docks in the United States,” Trump said, adding that he had instructed Energy Secretary Chris Wright to begin the process immediately.
Trump’s announcement aligns with his earlier remarks about “taking back” Venezuela’s oil reserves, which are the largest in the world. He has repeatedly claimed that US companies are ready to help revive the country’s struggling energy sector.
Venezuela’s oil industry, once among the strongest globally, has sharply declined over the past two decades. Years of US sanctions, lack of investment, poor management, and corruption have left production at a very low level.
Despite holding massive reserves, Venezuela currently contributes less than one per cent of global oil output.
While Trump has said US oil firms could invest billions to rebuild the sector, analysts remain doubtful. Experts argue that restoring Venezuela’s oil production will take years, not months.
Energy consultancy Rystad Energy estimates that about $110 billion would be needed just to return production to mid-2010s levels of around two million barrels per day.
Another major obstacle is Venezuela’s history with foreign investors. In 2007, under former president Hugo Chávez, the oil industry was nationalised, leading to major legal disputes.
Companies such as ExxonMobil and ConocoPhillips were awarded billions of dollars in arbitration cases, compensation that Venezuela never paid. This history has made many investors cautious.
Analysts also point out that the global oil market currently has excess supply, reducing the urgency for companies to take on risky projects.
Trump’s plan to seize and sell Venezuelan oil appears to be a short-term move, aimed at extracting value while the country’s political future remains unclear.
However, no details were provided on the legal process behind the oil transfer or which Venezuelan authorities approved it following Maduro’s removal. Critics have already raised concerns, describing the move as an illegal occupation of state assets.
While the Trump camp presents the plan as a step toward rebuilding Venezuela, the decision to place another country’s oil resources under US control is expected to trigger legal battles and strong international reaction.
The fate of Venezuela’s oil wealth, and who ultimately benefits from it, remains an open and highly contested question.
