Trump announces 50m barrel oil ‘turn over’ from Venezuela to US refineries

US President Donald Trump has officially announced that Venezuela will begin “turning over” a significant quantity of oil- up to 50 million barrels worth about $2.8bn-following a military operation to remove President Nicolas Maduro from power.

The recent development marks a period of intensified diplomatic and economic negotiations between the Trump administration and Caracas.

Trump posted on social media that the oil will be sold at its market price, adding he would control the money raised and use it to benefit the people of Venezuela and the US.

The recent remarks come after he said the US oil industry would be “up and running” in Venezuela within 18 months and that he expected massive investments to pour into the country.

In this connection 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.”

He further stated, “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."

According to Trump, the American oil companies can fix Venezuela’s oil infrastructure. He probably sees significant potential for the United States’ energy prospects in Venezuela's reserves.

Venezuelan oil is heavy and difficult to refine, consequently, Chevron is the only US firm currently operating in the country.

While Trump remarked on US oil production in Venezuela, Chevron spokesperson Bill Turenne said that the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets.”

According to the BBC, US oil companies have a long history of extracting oil under license agreements.

Venezuela nationalized its oil industry in 1976 and further tightened control in 2007, when President Hugo Chavez seized the remaining assets of foreign firms.

Additionally, this move marks a direct consequence of the surprise U.S. military operation over the weekend that resulted in the ouster and capture of Nicoals Maduro.