US President Donald Trump announced that Venezuela will transfer between 30 and 50 million barrels of oil to the United States following the removal of President Nicolás Maduro from power.
The oil, valued at approximately $2.8 billion, will be sold at market rates with proceeds controlled by Trump to benefit both nations, he stated.
Trump made the announcement on Truth Social, saying the oil transfer comes from Venezuela’s interim authorities after a military operation ousted Maduro, who was taken to the US to face drug-trafficking and weapons charges. Delcy Rodríguez, the former vice-president, was sworn in as interim president.
Trump predicted US oil companies would have Venezuela’s industry “up and running” within 18 months, anticipating significant investment. He told NBC News that having Venezuela as an oil producer would help keep US oil prices down.
Major US petroleum companies are expected to meet with the Trump administration this week. However, experts previously told the BBC that restoring Venezuela’s oil production could require tens of billions of dollars and take up to a decade.
Venezuela holds the world’s largest proven oil reserves at an estimated 303 billion barrels, but production has declined since the early 2000s. Venezuelan crude is heavy and expensive to refine, with Chevron currently the only US company operating there.
Chevron said it remains focused on employee safety and asset integrity while operating in compliance with all regulations. ConocoPhillips is monitoring developments but said speculation about future activities would be premature. Exxon did not respond to requests for comment.
US President Donald Trump announced that Venezuela will transfer between 30 and 50 million barrels of oil to the United States following the removal of President Nicolás Maduro from power.
The oil, valued at approximately $2.8 billion, will be sold at market rates with proceeds controlled by Trump to benefit both nations, he stated.
Trump made the announcement on Truth Social, saying the oil transfer comes from Venezuela’s interim authorities after a military operation ousted Maduro, who was taken to the US to face drug-trafficking and weapons charges. Delcy Rodríguez, the former vice-president, was sworn in as interim president.
Trump predicted US oil companies would have Venezuela’s industry “up and running” within 18 months, anticipating significant investment. He told NBC News that having Venezuela as an oil producer would help keep US oil prices down.
Major US petroleum companies are expected to meet with the Trump administration this week. However, experts previously told the BBC that restoring Venezuela’s oil production could require tens of billions of dollars and take up to a decade.
Venezuela holds the world’s largest proven oil reserves at an estimated 303 billion barrels, but production has declined since the early 2000s. Venezuelan crude is heavy and expensive to refine, with Chevron currently the only US company operating there.
Chevron said it remains focused on employee safety and asset integrity while operating in compliance with all regulations. ConocoPhillips is monitoring developments but said speculation about future activities would be premature. Exxon did not respond to requests for comment.
US President Donald Trump announced that Venezuela will transfer between 30 and 50 million barrels of oil to the United States following the removal of President Nicolás Maduro from power.
The oil, valued at approximately $2.8 billion, will be sold at market rates with proceeds controlled by Trump to benefit both nations, he stated.
Trump made the announcement on Truth Social, saying the oil transfer comes from Venezuela’s interim authorities after a military operation ousted Maduro, who was taken to the US to face drug-trafficking and weapons charges. Delcy Rodríguez, the former vice-president, was sworn in as interim president.
Trump predicted US oil companies would have Venezuela’s industry “up and running” within 18 months, anticipating significant investment. He told NBC News that having Venezuela as an oil producer would help keep US oil prices down.
Major US petroleum companies are expected to meet with the Trump administration this week. However, experts previously told the BBC that restoring Venezuela’s oil production could require tens of billions of dollars and take up to a decade.
Venezuela holds the world’s largest proven oil reserves at an estimated 303 billion barrels, but production has declined since the early 2000s. Venezuelan crude is heavy and expensive to refine, with Chevron currently the only US company operating there.
Chevron said it remains focused on employee safety and asset integrity while operating in compliance with all regulations. ConocoPhillips is monitoring developments but said speculation about future activities would be premature. Exxon did not respond to requests for comment.
READALSO:
- S-RM and Invest Africa Extend Intelligence Partnership for Third Year to Drive African Investment
- AfDB Launches $3.9M Initiative to Transform Africa’s Energy Plans into Reality
- Nigerian Mechanic, Deceived by Job Offer, Finds Himself in Russian Army Camp
- Kunle Afolayan: “I’ll Return to Cinema When We Stop Dancing to Sell Films”
- Exclusive! Africa’s Democracy at a Crossroads After 2025
