US President Donald Trump said Tuesday that Venezuela’s interim government will be “turning over" billions of dollars’ worth of sanctioned crude oil to the United States, just days after the ouster of Nicolas Maduro, Politico reported.
Trump said the US plans to sell between 30 and 50 million barrels of the crude at market prices. In a Truth Social post, he added that he would personally control the proceeds to ensure they “benefit the people of Venezuela and the United States."
He said he has directed Energy Secretary Chris Wright to arrange the plan “immediately," and that the sanctioned oil would be “brought directly to unloading docks in the United States."
The move comes as Venezuela’s interim president, Delcy Rodríguez, attempts to stabilize the country while facing a series of demands from Trump. A US naval blockade has cut off most of Venezuela’s oil exports in recent weeks, leaving crude intended for China backed up in storage tanks and tankers at port.
The US previously sold sanctioned crude in 2020, when it auctioned four tankers seized from Iran, with proceeds going to a fund for victims of state‑sponsored terrorism.
Trump did not give a timeline for the sales. Analysts noted that adding 30 to 50 million barrels to US supply could impact markets already flush with record domestic production.
Venezuelan crude is heavy and sour, suitable only for certain refineries, mostly along the Gulf Coast. A sudden influx of that oil could displace imports from Canada, another major supplier of similar crude, according to Politico.
Trump told NBC News on Monday that Venezuela will not hold new elections within the next 30 days, saying it must first be stabilized following the US operation that captured Maduro.
"We have to fix the country first. You can’t have an election. There’s no way the people could even vote," Trump said when asked about the possibility of a vote in the coming month. "No, it’s going to take a period of time. We have - we have to nurse the country back to health."
Trump added that the US may subsidize efforts by oil companies to rebuild Venezuela’s energy infrastructure, a project he said could take less than 18 months. "I think we can do it in less time than that, but it'll be a lot of money," he said. "A tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue."
He also insisted the US is not at war with Venezuela. "No, we’re not," Trump said. "We’re at war with people that sell drugs. We’re at war with people that empty their prisons into our country and empty their drug addicts and empty their mental institutions into our country."
The interview with Trump aired hours after Maduro was arraigned in New York on charges including narco‑terrorism conspiracy and cocaine importation conspiracy. He pleaded not guilty, asserting he remains Venezuela’s leader.