Trump Says Venezuela Will Turn Over 30–50 Million Barrels of Oil to the U.S.

President Donald Trump announced late Tuesday that Venezuela’s interim authorities have agreed to hand over between 30 and 50 million barrels of sanctioned crude oil to the United States—with the proceeds to be overseen directly by the White House—marking a dramatic move that could reshape energy flows.

“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,” Trump wrote on social media. “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!”

Trump said Energy Secretary Chris Wright has been instructed to move immediately, with the crude to be transferred via floating storage vessels and discharged at U.S. ports.

The announcement comes as Venezuela’s oil exports remain largely frozen under a U.S. naval blockade. On Tuesday, Reuters reported that PDVSA has halted loadings for its main Chinese customers for a fifth straight day, leaving only Chevron-chartered tankers lifting crude at the Jose and Bajo Grande terminals.

The disruption follows Saturday’s U.S. military operation that captured President Nicolás Maduro and flew him to New York to face narcotics-trafficking charges. Interim President Delcy Rodríguez is now leading a government that Washington has indicated it will supervise.

Chevron has operated in Venezuela under special waivers from U.S. sanctions that date back to 2019 and has been a major exporter of Venezuelan crude through its joint ventures with PDVSA.

Last month, the U.S. imposed a blockade on sanctioned tankers entering or leaving Venezuelan waters, effectively stopping most exports except those carried by Chevron under a special Treasury license.

Chevron resumed loadings on Monday after a four-day pause, recalling staff to its Venezuelan offices as commercial flights restarted. For now, the U.S. oil major has become the only reliable outlet for Venezuelan crude.

At the same time, at least a dozen sanctioned tankers that loaded in December slipped out in early January carrying roughly 12 million barrels of crude and fuel. The ships departed with AIS transponders switched off and were initially bound for China, according to shipping data and media reports. U.S. officials have not said whether those sailings were authorized.

Another high-stakes episode is unfolding in the North Atlantic. The tanker formerly known as Bella 1 — recently reflagged in Russia and renamed Marinera — remains at large as U.S. authorities consider a possible boarding operation while the vessel transits near the UK, CBS News reported.

The ship was blacklisted by the U.S. Treasury in June 2024 for moving oil for networks linked to Hezbollah and Iran’s IRGC-Qods Force. TankerTrackers.com estimates it carried more than 20 million barrels of Iranian and Venezuelan crude between 2021 and 2025, largely via ship-to-ship transfers bound for China.

With storage tanks at Venezuelan ports nearly full and PDVSA facing deeper production cuts, the handover of tens of millions of barrels to the United States could ease immediate bottlenecks — while redirecting Venezuelan oil flows away from Asia and into direct U.S. control for the first time in decades.