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Trump Announces Venezuela Oil Transfer Plan
US President Donald Trump has said Venezuela will transfer between 30 and 50 million barrels of oil to the United States. He made the claim after a US military operation removed President Nicolas Maduro from power.
Trump shared the announcement on his social media platform, saying the oil would sell at market price. He added that the funds would benefit both Venezuela and the United States.
Oil Sale and Control of Funds
Trump said he would oversee the money generated from the oil sales. According to him, this step would support Venezuela’s recovery and protect US interests.
He also stated that US oil companies could restart operations in Venezuela within 18 months. However, energy experts have raised doubts about this timeline.
Experts Raise Economic Concerns
Analysts say restoring Venezuela’s oil output would require billions of dollars. They also believe it could take several years before production reaches meaningful levels.
Venezuela’s oil industry has declined for decades due to underinvestment and poor infrastructure. Its crude oil is also heavy and difficult to refine.
Role of US Oil Companies
Chevron remains the only major US oil company still operating in Venezuela. The company said it continues to follow US laws and prioritise staff safety.
Other firms, including ConocoPhillips, said they are monitoring developments. They have not committed to new investments.
Dispute Over Oil Ownership
Trump has claimed that Venezuela seized American oil in the past. However, experts note that Venezuela owns its oil reserves under national law.
The country nationalised its oil industry in 1976 and expanded state control in 2007. A World Bank tribunal later ordered Venezuela to pay compensation to ConocoPhillips, which remains unpaid.
International Reaction
The announcement has sparked debate over international law, sovereignty, and future energy markets. Observers say the situation could shape US relations with Latin America for years.
