Following the detention of Nicolás Maduro and his transfer to New York to face narcotics trafficking charges, the Trump management announced plans to access Venezuela’s vast oil reserves. President Trump stated Tuesday that Venezuela will deliver between 30 and 50 million barrels of oil to the United States, a move framed as benefiting both Venezuelan and American interests. The announcement comes as 11 Chevron tankers reportedly head towards Venezuela, and raises questions about the feasibility and timeline of revitalizing the South American nation’s oil sector amid ongoing political and economic instability.
Fuente de la imagen, Getty Images
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- Autor, Redacción
- Título del autor, BBC News Mundo
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Tiempo de lectura: 4 min
U.S. President Donald Trump announced Tuesday that Venezuela will deliver between 30 and 50 million barrels of oil to the United States.
“I am pleased to announce that the interim authorities of Venezuela will deliver between 30 and 50 million barrels of high-quality oil, not subject to sanctions, to the United States of America,” Trump wrote in a post on his Truth Social platform three days after forces from his country detained Nicolás Maduro and transported him to New York to face justice on narcotics trafficking charges.
“This oil will be sold at market price, and I, as President of the United States of America, will control the funds to ensure they are used for the benefit of the people of Venezuela and the United States,” the President stated.
“I have asked Energy Secretary Chris Wright to implement this plan immediately. The oil will be transported in tankers and delivered directly to unloading docks in the United States. Thank you for your attention to this matter,” he concluded.
According to BBC Mundo correspondent in Venezuela, Gustavo Ocando, Trump’s announcement comes hours after several media outlets reported that 11 Chevron tankers, the only U.S. oil company operating in Venezuela, are en route to the South American nation.
Ocando noted that the figure of 30 to 50 million barrels is roughly equivalent to the amount of Venezuelan oil that has been withheld since the U.S. imposed a blockade in December.
That quantity would represent between five and seven weeks of Venezuela’s current oil production levels, according to our correspondent.
The announcement from Trump follows a day after Delcy Rodríguez, former Executive Vice President of Venezuela, was sworn in as the interim president.
Trump’s Plans
Fuente de la imagen, Getty Images
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Trump first signaled his intent to capitalize on Venezuela’s oil reserves Saturday, shortly after the military operation that led to the detention of Maduro and his wife, Cilia Flores.
The U.S. President said American oil companies should invest billions of dollars in the South American nation, which holds the world’s largest crude oil reserves, to revitalize the currently underutilized resource.
During a press conference explaining the military operation that resulted in the capture of Maduro and Flores, Trump asserted that U.S. companies would repair Venezuela’s “badly damaged” oil infrastructure and “start generating money for the country.”
The President also claimed that Venezuela “seized and unilaterally stole American oil.”
However, experts caution that Trump’s plan faces immense challenges, pointing out that billions of dollars and up to a decade would be required to restore Venezuela’s oil production to levels seen two decades ago. This development underscores the complex geopolitical landscape surrounding Venezuela’s vast resources.
Chevron is the only U.S. producer still active in Venezuela, having received an operating license under the Biden administration in 2022 that has been repeatedly renewed despite U.S. sanctions.
The company currently accounts for approximately one-fifth of Venezuela’s oil extraction.
Trump stated Tuesday that the U.S. oil industry could be “fully up and running” with expanded operations in Venezuela within 18 months.
“A huge amount of money will have to be invested, and the oil companies will invest it, and then they will be reimbursed through us or through the revenue generated,” he told NBC News.
Representatives from major U.S. oil companies are scheduled to meet with the Trump administration later this week, according to CBS News, a BBC partner.
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