President Donald Trump said he’s wasting no time when it comes to oil in Venezuela.
In a post on Truth Social on Tuesday, Trump said that the interim president of Venezuela will “be turning over” between 30 and 50 million barrels of sanctioned oil, and that the oil would be sold at market prices, with the revenue overseen by him as president to ensure it benefits both Venezuela and the US.
“It will be taken by storage ships, and brought directly to unloading docks in the United States,” Trump wrote on Truth Social.
He added that he directed Energy Secretary Chris Wright to carry out the plan “immediately.”
It is unclear if the plan will face legal hurdles, and further details are unknown. The White House did not immediately respond to a request for comments.
The current interim leader of Venezuela is Delcy Rodríguez, who was sworn in as acting president on January 5, 2026, after the US captured and detained the country’s former President Nicolás Maduro, alongside his wife. Rodríguez is a longtime Maduro loyalist and originally served as the Vice President of Venezuela. She has so far not spoken out on whether she would cooperate with Trump’s plan.
Trump’s comments build on his previous remarks that he would “take back” Venezuela’s oil reserves and revive the country’s battered energy sector, which has faced sanctions and mismanagement.
Trump also previously said in an interview with NBC News that the US could reimburse American oil companies for expanding their operations in Venezuela, but he did not have an estimate on how much the subsidy would cost.
Even though a larger supply could lead to lower costs for American consumers, the downward pressure on prices could disincentivize large oil companies from investing in Venezuela. It could also take years to build functioning infrastructure.
Venezuela’s oil production currently accounts for less than 1% of the global oil output, despite possessing the world’s largest known oil reserves.
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