US President Donald Trump on Tuesday announced a plan to refine and sell up to 50 million barrels of Venezuelan oil that had remained trapped under US sanctions, signalling closer coordination between Washington and Venezuela’s interim authorities following the capture of President Nicolas Maduro.
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Maduro is currently being held in a New York jail, facing narcotics-related charges after a US military raid on Saturday that, according to a Washington Post report citing US officials, left an estimated 75 people dead. The United States has not released an official death toll, while Venezuela’s military has confirmed the deaths of 23 of its personnel. Cuba has also claimed that 32 of its military and intelligence members stationed in Venezuela were killed.
Venezuela’s interim President Delcy Rodriguez has declared a week of national mourning for those killed in the operation. The raid has drawn condemnation from Russia, China and Venezuela’s leftist allies, while US partners have urged respect for international law.
Announcing the oil plan on social media, Trump said Venezuela would sell between 30 million and 50 million barrels of oil directly to the United States at market prices. He said proceeds from the sales would be controlled by him as president to ensure the funds benefit both Venezuelan and American interests. Based on current prices, the deal could be worth up to $1.9 billion.
The US has yet to outline the legal framework for accessing the oil, though Washington has accused Venezuelan tankers of violating sanctions in the past. Trump also suggested that the US would help rebuild Venezuela’s oil infrastructure, potentially benefiting major energy firms such as Exxon Mobil, ConocoPhillips and Chevron.
US oil executives are expected to visit the White House later this week to discuss potential investments. Meanwhile, Venezuela’s opposition has expressed disappointment, saying it had hoped to play a greater role in shaping the country’s future. Opposition leader Maria Corina Machado said Venezuela could become an energy hub for the Americas but criticised Washington’s apparent reliance on figures from Maduro’s former government.
US officials, however, have indicated that senior Maduro-era officials are being backed to maintain short-term stability during a transition period. The Trump administration is also reportedly pressing Venezuela to expel advisers from China, Russia, Cuba and Iran.
Despite the political uncertainty, Venezuelan authorities said the situation in the country remained calm, even as arrests were ordered against those accused of collaborating with the US operation.
