Trump Says Venezuela Is Turning Over 30–50 Million Barrels of Oil and He’ll Control the Money

A new flashpoint in U.S. foreign policy took shape Tuesday night after Donald Trump announced that Venezuela will transfer tens of millions of barrels of oil to the United States following a dramatic shift in power.

Trump said Venezuela’s interim authorities have agreed to turn over between 30 million and 50 million barrels of what he described as high-quality, sanctioned oil. The announcement came days after a U.S. military operation that resulted in the capture of Venezuelan leader Nicolás Maduro and a rapid restructuring of the country’s leadership.

“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 Truth Social.

He added, “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 has been clear that the U.S. plans to take an active role in Venezuela during what he calls a transition period. He has said the United States will “run” Venezuela until a “safe, proper and judicious transition” can take place, with American oil companies stepping in to manage and rebuild the country’s petroleum infrastructure.

In his post, Trump said Energy Secretary Chris Wright was tapped to oversee the logistics, with oil moved by storage ships directly to U.S. ports.

Addressing comparisons to the Iraq war, Trump dismissed the criticism outright. “The difference between Iraq and this is that [George W. Bush] didn’t keep the oil. We’re going to keep the oil,” he said, according to Joe Scarborough. He added, “In 2016, I said we should have kept the oil… Well, we should have kept the oil. And we’re going to rebuild their broken-down oil facilities, and this time we’re going to keep the oil.”

The announcement has already sparked intense debate over sovereignty, international law, and how far this new U.S. strategy will go next.