Washington: US President Donald Trump said interim authorities in Venezuela will hand over between 30 million and 50 million barrels of sanctioned oil to the United States, calling it a move that will benefit both Venezuelans and Americans.
In a social media post, Trump said the oil will be sold at market price and that he will personally oversee how the revenue is used. He wrote on Truth Social that the funds will be directed to benefit “the people of Venezuela and the United States.”
Trump said he has asked Energy Secretary Chris Wright to carry out the plan immediately. According to the president, the oil will be loaded onto storage ships and transported directly to unloading docks in the United States.
“This oil will be sold at its market price,” Trump wrote, adding that control of the proceeds will remain with the US presidency.
The announcement follows recent US military action in Venezuela that led to the capture of Venezuelan leader Nicolás Maduro and a change in leadership in Caracas. Trump has repeatedly said the United States is now setting the terms in Venezuela, including on oil, trade and security.
Trump’s statement drew immediate global attention because Venezuela holds the world’s largest proven oil reserves, but its production has collapsed due to sanctions, mismanagement and lack of investment.
Notably, India was once one of the largest buyers of Venezuelan crude before US sanctions forced Indian refiners to stop imports in 2019. Since then, India has relied more heavily on oil from the Middle East, Russia, and the United States.
Sending large volumes of Venezuelan oil to the US could reshape global crude flows. Heavy Venezuelan oil is well suited for US Gulf Coast refineries, which were earlier dependent on imports from Latin America and Canada.
If the plan moves forward, it could also reduce the amount of Venezuelan oil reaching China, currently the largest buyer of Caracas’s crude under discounted and complex trade arrangements.
Any shift in global oil supply can affect prices and availability, which are closely watched in New Delhi due to India’s heavy dependence on imported energy.
The president framed the move as both an economic and strategic decision. He has argued that tighter US control over Venezuelan oil will weaken criminal networks and stabilise the region.
“This will be taken immediately,” Trump wrote, ending his message by thanking readers for their attention.
(IANS)
