President Trump on Tuesday said that Venezuelan interim authorities will "be turning over" between "30 and 50 MILLION" barrels of oil to the U.S.
The big picture: Trump said on Truth Social the sanctioned oil will be sold at market price, and the resulting revenue will be controlled "by me, as President of the United States" to "ensure it is used to benefit the people of Venezuela and the United States!" — without elaborating further.
- "I have asked Energy Secretary Chris Wright to execute this plan, immediately," he added. "It will be taken by storage ships, and brought directly to unloading docks in the United States."
State of play: Trump will meet Friday with U.S. oil executives as he urges the companies to invest in reviving Venezuela's production, multiple sources told Axios, after he said the U.S. may subsidize oil companies' efforts to rebuild Venezuela's energy infrastructure.
- He estimated the project could take less than 18 months.
- Still, analysts suggest that rebuilding Venezuela's broken-down oilfields and investments in energy infrastructure and new and upgraded plants will be a massive undertaking.
What we're watching: The Trump administration is pressing Venezuela's interim government to dismiss all suspected spies and other intelligence agents from China, Russia, Cuba and Iran from the South American country, a U.S. official told Axios.
- Trump previously said the U.S. would conduct a second military operation in Venezuela if Rodríguez failed to comply with the administration's demands.
Context: The U.S. already imports a small amount of Venezuelan crude into the Gulf Coast — about 3.4 million barrels in October 2025, the most recent federal data available.
- The oil Trump is referring to will likely also go to the Gulf, where refineries are already equipped to handle this heavy type of crude.
- When asked for comment, a White House spokesperson told Axios Tuesday evening: "The President's Truth is the comment."
Between the lines: The amount of oil that Trump cited could likely represent the barrels that have built up during the blockade, oil analyst Rory Johnston said on Bluesky Tuesday.
Go deeper: U.S. oil companies will rebuild Venezuela's industry, Trump says
Editor's note: This article has been updated with additional details throughout.
Axios' Amy Harder contributed reporting.
