WASHINGTON — In the tumultuous aftermath of U.S. forces capturing Venezuelan President Nicolás Maduro, President Donald Trump announced Tuesday that Caracas will surrender up to $2 billion worth of crude oil to the United States, a deal that transforms military intervention into economic appropriation, according to APP.
The agreement, cast by Trump as relief for the Venezuelan people, requires the embattled nation to “turn over” between thirty and fifty million barrels of what the president termed “sanctioned oil.” The crude, currently trapped aboard tankers and in storage facilities by a U.S. blockade imposed mid-December, will be redirected from Chinese buyers to American ports.
“This Oil will be sold at its Market Price, and that money will be controlled by me,” Trump declared on social media, “to ensure it is used to benefit the people of Venezuela and the United States.”
Venezuelan officials have denounced Maduro’s weekend detention as kidnapping and accused Washington of orchestrating a brazen resource grab. The timing underscores the coercive nature of the arrangement: interim President Delcy Rodríguez, herself under U.S. sanctions since 2018, assumed power Monday amid Trump’s explicit demands for “total access” to Venezuela’s oil industry.
Energy Secretary Chris Wright will oversee the operation, which initially requires rerouting shipments originally destined for China, Venezuela’s primary customer throughout a decade of sanctions. One industry source told Reuters that “Trump wants this to happen early so he can say it is a big win.”
U.S. crude prices dropped over 1.5 percent following the announcement. Currently, only Chevron exports Venezuelan oil to America, roughly 100,000 to 150,000 barrels daily, under special authorization. The flood of additional supply promises to reshape energy markets while raising profound questions about sovereignty and international law.
Whether Venezuela will access any proceeds remains unclear. Sanctions have frozen PDVSA’s accounts and barred dollar transactions, leaving the state oil company financially paralyzed. With Venezuela’s flagship Merey crude trading at $22 below Brent, the seized reserves represent a windfall built on force.
For Caracas, the choice proved stark; surrender the oil, or watch production collapse entirely under American pressure. Trump’s deal offers neither partnership nor charity, only the terms of capitulation.
