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Trump Says US to Receive Up to 50 Million Barrels of Venezuelan Oil

Associated Press
January 7, 2026 | 2:19 pm
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Men watch smoke rising from a dock after explosions were heard at La Guaira port, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)
Men watch smoke rising from a dock after explosions were heard at La Guaira port, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)

Caracas. President Donald Trump said Tuesday that Venezuela would provide between 30 million and 50 million barrels of oil to the United States at market prices, pledging that proceeds from the sales would be used “to benefit the people” of both countries.

The announcement came as the White House prepares to host a meeting Friday with executives from major US oil companies to discuss Venezuela’s oil sector. Representatives from ExxonMobil, Chevron, and ConocoPhillips are expected to attend, according to a person familiar with the plans who spoke on condition of anonymity because they were not authorized to discuss the meeting publicly.

The Trump administration has been pressing Venezuela to open its vast but struggling oil industry to greater American investment and technical expertise, following last weekend’s dramatic US military operation that captured President Nicolás Maduro and brought him to the United States to face drug trafficking charges.

Earlier Tuesday, officials in Caracas said at least 24 Venezuelan security officers were killed during the overnight raid. Venezuela’s acting president, Delcy Rodríguez, rejected Trump’s recent warnings that she could face consequences worse than Maduro’s if she failed to align the country with US interests, including granting American companies access to energy assets.

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“Personally, to those who threaten me: My destiny is not determined by them, but by God,” Rodríguez said in an address to officials from the agricultural and industrial sectors.

Venezuela’s Attorney General Tarek William Saab said “dozens” of security officers and civilians were killed in the strike, which he described as a “war crime,” though he did not specify whether the figure referred solely to Venezuelans. Cuba’s government has separately confirmed that 32 Cuban military and police personnel stationed in Venezuela were killed in the operation.

The Pentagon said seven US service members were injured, including from gunshot wounds and shrapnel. Five have returned to duty, while two remain in recovery, according to a US official who spoke on condition of anonymity.

A video tribute posted on Venezuela’s military Instagram account showed images of fallen security officers alongside footage of US aircraft over Caracas and armored vehicles destroyed in explosions. In contrast, streets in the capital that had been largely deserted since Maduro’s capture briefly filled with crowds waving flags and attending a state-organized show of support for the government.

With oil trading at around $56 a barrel, the shipment Trump described could be worth as much as $2.8 billion. The United States consumes about 20 million barrels of oil and petroleum products per day, meaning the Venezuelan oil would represent roughly two to two-and-a-half days of US supply, according to the Energy Information Administration.

Despite holding the world’s largest proven crude reserves, Venezuela currently produces about 1 million barrels per day, far below US production, which averaged 13.9 million barrels per day in October. Venezuela’s government did not immediately respond to requests for comment on Trump’s announcement.

ExxonMobil is developing a massive offshore oil project in neighboring Guyana, a development that reignited a long-running territorial dispute with Venezuela over the Essequibo region, which makes up about two-thirds of Guyana’s landmass. Venezuelan officials, including Rodríguez, have repeatedly accused Guyana’s government and ExxonMobil of exploiting contested territory. Venezuelan lawmakers previously considered banning companies operating in Guyana from doing business in Venezuela.

Trump defended the weekend military operation amid Democratic criticism, noting that his predecessor, Joe Biden, had also sought Maduro’s arrest on drug trafficking charges. Maduro was indicted in the US in 2020 on narco-terrorism and cocaine trafficking allegations and pleaded not guilty during his first court appearance Monday.

Public opinion in the United States remains divided. A Washington Post-SSRS poll conducted over the weekend found that about 40% of Americans approved of the military operation to capture Maduro, while a similar share opposed it. Nearly half of respondents said the US should not attempt to control Venezuela or choose its government.

Concerns have also grown internationally that the operation signals a more assertive US posture in the Western Hemisphere. Colombia’s foreign minister said she would lodge a formal complaint with the US Embassy following Trump’s threats of possible military action. European leaders meanwhile reaffirmed support for Greenland’s sovereignty after Trump renewed calls for US control of the Danish territory.

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