In a post on his social media platform Truth Social, Trump said the oil would be sold at market price, and that the revenue generated would be controlled by him to ensure it is used for the benefit of both the American and Venezuelan people.
Trump added that he had directed the US Secretary of Energy to begin work on the plan immediately and ensure the oil is transported to American ports.
His statement came a day after Delcy Rodríguez was sworn in as Venezuela’s interim president, while Nicolás Maduro was taken to the United States to face charges related to drug trafficking and weapons offenses.
Trump earlier told NBC News that restoring Venezuela as an oil-producing country would help keep global oil prices low, calling it beneficial for the US economy. He also claimed that American oil companies could rebuild Venezuela’s oil infrastructure within 18 months, although analysts have expressed skepticism, warning that restoring production could require tens of billions of dollars and take several years.
Venezuela holds the world’s largest proven oil reserves, estimated at 303 billion barrels, but production has steadily declined since the early 2000s. Analysts note that Venezuelan oil is heavy and difficult to refine, making large-scale investment costly.
Currently, Chevron is the only major US oil company operating in Venezuela. Other companies, including ConocoPhillips and ExxonMobil, have said they are monitoring developments but declined to comment on potential future investments.
Trump also alleged that Venezuela had previously “stolen American oil,” a claim echoed by Vice President JD Vance. However, experts say the situation is more complex, as Venezuela nationalised its oil industry in 1976, and foreign firms operated under licensing agreements rather than ownership.
