US President Donald Trump has declared that Venezuela’s interim authorities will transfer between 30 and 50 million barrels of high-quality sanctioned oil to the United States, valued at around $2.8 billion, in a move tied to recent political upheaval in the South American nation.
Details of the Oil Transfer Agreement
In a post on Truth Social, Trump stated that the oil would be sold at market prices, with proceeds controlled by him to benefit both Venezuelans and Americans. This follows a US-backed military operation that ousted long-time President Nicolás Maduro, who was subsequently extradited to the US facing drug-trafficking and weapons charges. Delcy Rodríguez, Maduro’s former vice-president, was sworn in as interim president shortly before the announcement. Trump also expressed optimism about reviving Venezuela’s oil sector, predicting US industry operations there within 18 months and substantial investments.
International Reactions and Historical Context
China strongly condemned the US demands, including reported requirements for Venezuela to sever ties with Beijing, Moscow, Tehran, and Havana in exchange for an exclusive oil partnership. A Chinese foreign ministry spokesperson called it “bullying” and a violation of international law and sovereignty. Analysts note Venezuela holds the world’s largest proven reserves but production has plummeted due to sanctions and mismanagement. Historical disputes, including nationalizations under Hugo Chávez, complicate US claims of “stolen” oil assets. Major US firms like Chevron continue operations cautiously, while others monitor developments amid skepticism over quick production ramps-up due to infrastructure challenges.