{"id":310,"date":"2026-01-07T03:51:04","date_gmt":"2026-01-07T03:51:04","guid":{"rendered":"https:\/\/newsliked.online\/?p=310"},"modified":"2026-01-07T03:51:04","modified_gmt":"2026-01-07T03:51:04","slug":"trump-says-venezuela-to-hand-over-up-to-50-million-barrels-of-oil-to-us","status":"publish","type":"post","link":"https:\/\/newsliked.online\/?p=310","title":{"rendered":"Trump says Venezuela to hand over up to 50 million barrels of oil to US"},"content":{"rendered":"

Trump says Venezuela to hand over up to 50 million barrels of oil to US<\/h1>\n

US president says oil will be sold at market prices and that he will control resulting the revenues.<\/em><\/p>\n

\"Trump\"<\/p>\n

United States President Donald Trump has announced that Venezuela will turn over between 30 and 50 million barrels of sanctioned oil.<\/p>\n

Trump said the oil, held in storage due to Washington\u2019s embargo on Venezuela exports, would be sold at market prices and that he would control the resulting revenues to ensure the money is used to benefit the people of Venezuela and the US.<\/p>\n

Trump added that he had directed his energy secretary, Chris Wright, to execute the plan \u201cimmediately\u201d.<\/p>\n

\u201cIt will be taken by storage ships, and brought directly to unloading docks in the United States,\u201d Trump said on his platform, Truth Social, on Tuesday.<\/p>\n

Trump\u2019s announcement follows his pledge to \u201ctake back\u201d Venezuela\u2019s oil reserves and revive the Latin American country\u2019s flailing energy industry in the wake of his administration\u2019s abduction of Venezuelan President Nicolas Maduro.<\/p>\n

Trump has said that US oil companies are primed to invest billions of dollars to rebuild Venezuela\u2019s decrepit infrastructure and exploit its oil reserves, which he has falsely asserted were \u201cstolen\u201d from the US.<\/p>\n

The US has no claim of ownership to Venezuela\u2019s oil under international law, though the late Hugo Chavez did seize property belonging to American firms as part of his nationalisation of the sector.<\/p>\n

Chervon, Exxon Mobil and ConocoPhillips \u2013 the three biggest US oil companies \u2013 have not directly commented on Trump\u2019s plans, but representatives of the firms are set to meet the president on Friday to discuss Venezuela, according to US media reports.<\/p>\n

In the context of the global market, 50 million barrels per day (bpd) would represent only a modest addition to supply.<\/p>\n

Global consumption exceeds 100 million bpd, and the US alone produces about 14 million bpd.<\/p>\n

Mark Finley, an energy expert at the Baker Institute in Houston, Texas, said that it was difficult to parse the significance of Trump\u2019s announcement without further details.<\/p>\n

\u201cThirty to 50 million barrels over what time frame? That\u2019ll be key to assessing the significance of this,\u201d Finley told Al Jazeera.<\/p>\n

\u201cIn a month, that\u2019s essentially all Venezuelan output. In a year, it\u2019s pretty small.\u201d<\/p>\n

Scott Montgomery, an expert on the global energy sector at the University of Washington, said Trump\u2019s comments about controlling oil revenues only added to the uncertainty surrounding his administration\u2019s plans.<\/p>\n

\u201cI have no real idea about how Trump might distribute the cash. There\u2019s not much of a precedent for this kind of thing, to say the least, at least not in the US,\u201d Montgomery told Al Jazeera.<\/p>\n

Analysts say restoring Venezuela\u2019s production to anything close to its 1990s peak of more than three million bpd would require massive investment and could take years.<\/p>\n

Venezuela\u2019s oil sector would need capital investment of about $110bn to return to output of about two million bpd, according to an estimate by Rystad Energy, a Norway-based consultancy.<\/p>\n

\u201cA significant amount of upfront scientific and engineering work has to be done to understand the condition of the productive reservoirs \u2013 these have changed over time, with key properties altered,\u201d Montgomery said.<\/p>\n

Some market watchers are sceptical that US companies will commit to large investments in the country, given their experiences of asset seizures under Chavez and the glut of oil in the global market.<\/p>\n

ExxonMobil and ConocoPhillips were awarded $1.6bn and $8.7bn, respectively, in international arbitration following the Chavez government\u2019s nationalisation of the country\u2019s last privately-operated oil fields in 2007. Venezuela\u2019s government did not pay out in either case.<\/p>\n

Chevron is the only major US oil company still operating in Venezuela, producing about 150,000 bpd.<\/p>\n

Venezuela once ranked among the world\u2019s top oil producers, but US sanctions and years of underinvestment, mismanagement, and corruption under Maduro and Chavez reduced the sector to a shadow of its former self.<\/p>\n

While the Latin American country holds the largest known oil reserves, its current output accounts for less than 1 percent of global supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

Trump says Venezuela to hand over up to 50 million barrels of oil to US US president says oil will be sold at market prices and that he will control resulting the revenues. United States President Donald Trump has announced that Venezuela will turn over between 30 and 50 million barrels of sanctioned oil. Trump […]<\/p>\n","protected":false},"author":1,"featured_media":311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"_links":{"self":[{"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/posts\/310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsliked.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=310"}],"version-history":[{"count":1,"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/posts\/310\/revisions"}],"predecessor-version":[{"id":312,"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/posts\/310\/revisions\/312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsliked.online\/index.php?rest_route=\/wp\/v2\/media\/311"}],"wp:attachment":[{"href":"https:\/\/newsliked.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsliked.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsliked.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}