President Donald Trump has announced that the United States (U.S) has received 80 million barrels of oil from Venezuela since the detention of President Nicolás Maduro.
Speaking during his 2026 State of the Union address in the House chamber, Trump described the country as a new friend and partner, noting that the increase in the oil production was attributed to their partnership.
“American oil production is up by more than 600,000 barrels a day, and we just received more than 80 million barrels of oil from our new friend and partner, Venezuela,” said Trump.
USAgreements on Venezuelan Oil
On January 6, Trump said Venezuelan authorities had agreed to transfer between 30 million and 50 million barrels of oil to the United States for sale.
He stressed that Venezuela would purchase only US products with the proceeds from this oil sale.
“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.
Also Read: Global Oil Prices Hold Steady After Capture of Venezuelan President Maduro
The oil, worth about $2.8bn (£2.1bn), is to be sold at the US market price, and the proceeds are to be used to benefit the people of Venezuela and the US.
Trump Plans to Expand Venezuela’s Oil Companies
Trump has also indicated intentions to involve US energy companies in rebuilding Venezuela’s oil industry, which has been crippled by years of underinvestment and sanctions.
“They don’t need government money, but they need government protection and government security.”
“Venezuela is going to be very successful, and the people of the United States are going to be big beneficiaries.”
During a press conference at the White House attended by oil executives, including those from Chevron, Exxon Mobil, and ConocoPhillips, Trump argued that Maduro’s arrest is an opportunity for the US oil companies to invest and profit from Venezuela’s oil resources.
“We’re going to be extracting numbers in terms of oil as few people have seen,” said Trump.
Also Read: U.S. Seizes Sixth Venezuela-Linked Tanker
Trump also added that the investment would be coming from the oil companies, not the federal government.
“The plan is for them to spend, meaning our giant oil companies will be spending at least $100bn of their money, not the government’s money.”
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