President Donald Trump announced on Tuesday Venezuela would turn over to the U.S. between 30 and 50 million barrels of sanctioned oil, which the U.S. would sell.
"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. 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!" The president wrote on social media.
The president says U.S. oil companies could expand operations in Venezuela within as little as 18 months, arguing that increased production would benefit the United States by keeping energy prices down.
Speaking to NBC News, Trump acknowledged the effort would require significant upfront investment but insisted companies would ultimately be reimbursed through government support or future revenue.
“Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down,” Trump said.
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The future of Venezuela’s oil industry is just one part of what could come next following the U.S. capture of Nicolás Maduro.
The Trump administration told members of Congress that it does not plan to deploy American troops on the ground in Venezuela. Instead, officials say the U.S. is relying on continued military pressure to influence the country’s leadership.
That pressure includes U.S. military presence in the southern Caribbean, including naval assets, which the administration believes will be sufficient to maintain leverage over Venezuela and its new leadership under Delcy Rodríguez, who has been installed as president.
Maduro, meanwhile, remains jailed in New York as he awaits trial on federal drug trafficking and weapons charges. He pleaded not guilty during his initial court appearance.
“I’m innocent. I am not guilty. I am a decent man, the president of my country,” Maduro told the court.
Maduro is being represented by Washington-based attorney Barry J. Pollack, who previously represented Julian Assange and secured an acquittal for a former Enron executive.
