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US President Donald Trump has said Venezuela “will be turning over” up to 50 million barrels of oil – worth about $2.8bn (£2.1bn) – to the US, after a military operation to remove President Nicolás Maduro from power.
The oil will be sold at its market price, Trump posted on social media, adding he would control the money raised and use it to benefit the people of Venezuela and the US.
His comments come after he said the US oil industry would be “up and running” in Venezuela within 18 months and that he expected huge investments to pour into the country.
Analysts previously told the BBC it could take tens of billions of dollars, and potentially a decade, to restore Venezuela’s former output.
China, which has been the biggest buyer of Venezuelan oil in recent years, has condemned Trump’s announcement as well as the US’s reported demands that Venezuela gives its oil exclusively to them.
Trump posted on Truth Social on Tuesday: “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.
“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!”
His comment came a day after Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as its interim president. Maduro has been brought to the US to face drug-trafficking and weapons charges.
On Monday the US president told NBC News: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”
Representatives from major US petroleum companies planned to meet the Trump administration this week, the BBC’s US partner CBS reported.
The country has an estimated 303 billion barrels – the world’s largest proven reserve – but its oil production has been in decline since the early 2000s.
Venezuelan oil is also heavy and more difficult to refine. There is only one US firm, Chevron, currently operating in the country.
Asked for comment about Trump’s plans for US oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets”.
“We continue to operate in full compliance with all relevant laws and regulations,” Turenne added.
On Wednesday, Chinese foreign ministry spokesperson Mao Ning said that the US’s “blatant military action against Venezuela, and its demand that Venezuela prioritise the US in disposing of its oil resources, is a typical act of bullying, a serious violation of international law, a severe infringement upon Venezuela’s sovereignty, and a grave damage to the rights of the Venezuelan people”.
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