Trump Says Venezuela Will Hand Over Up to 50 Million Barrels of Oil to the US

Washington DC: US President Donald Trump said Venezuela will hand over 30-50 million barrels of oil to the US after a surprise military operation that removed President Nicolás Maduro from power. Trump said the oil would be sold at market prices, with proceeds controlled by him to benefit both countries. His comments followed Delcy Rodríguez being sworn in as interim president, while Maduro was taken to the US to face drug and weapons charges. Trump also claimed US firms could revive Venezuela’s oil industry within 18 months to help keep oil prices down.

Analysts and oil companies, however, urged caution, saying recovery could take years and billions of dollars due to aging infrastructure and heavy crude. While Venezuela has the world’s largest proven reserves, output has declined for decades. Companies like Chevron say they are monitoring developments and experts note Trump’s claim that Venezuela ‘stole’ US oil oversimplifies a long history of nationalisation and compensation disputes