Trump says U.S. to get 30 million to 50 million barrels of oil from Venezuela at market price

WASHINGTON / CARACAS — U.S. President Donald Trump announced Tuesday that Venezuela is expected to transfer between 30 million and 50 million barrels of oil to the United States, claiming the proceeds from the oil’s sale would be used “to benefit the people” of both nations.

The announcement comes as the White House prepares to host senior executives from major U.S. energy companies later this week to discuss Venezuela’s oil sector and future American involvement. According to individuals familiar with the meeting plans, representatives from ExxonMobil, Chevron, and ConocoPhillips are expected to attend.

The talks follow intensified U.S. pressure on Caracas to open its oil industry—home to the world’s largest proven crude reserves—to American capital and technical expertise, despite years of production collapse and sanctions.

Earlier the same day, Venezuelan officials confirmed that at least 24 security personnel were killed during a U.S. military operation conducted overnight to seize President Nicolás Maduro and transport him to the United States to face longstanding drug trafficking charges. Venezuelan Attorney General Tarek William Saab later said the death toll from the strike, including civilians, may reach into the dozens and described the operation as a potential war crime. Prosecutors, he said, would open a formal investigation.

Cuba’s government separately confirmed that 32 Cuban military and police personnel stationed in Venezuela were also killed. Havana said the fallen members belonged to the Revolutionary Armed Forces and the Ministry of the Interior.

Seven U.S. service members were injured during the operation, according to the Pentagon. Five have since returned to duty, while two continue to recover from gunshot and shrapnel injuries.

Venezuela’s acting president, Delcy Rodríguez, delivered a defiant address following Trump’s remarks, rejecting U.S. threats and demands that Venezuela realign its government and energy policies to suit American interests. “My destiny is not determined by those who threaten me,” she said, “but by God.”

In Caracas, the military released a video tribute honoring the fallen Venezuelan security personnel, combining images of the deceased with footage of U.S. aircraft over the capital and destroyed armored vehicles. While much of the city remained subdued in the days following Maduro’s capture, state-organized rallies briefly filled streets with Venezuelan flags and patriotic music.

“Their spilled blood does not cry out for vengeance, but for justice and strength,” the military wrote, vowing to dismantle what it called foreign-backed terrorist groups and restore Venezuela’s “legitimate president.”

Oil, value, and strategic reality

With crude trading near $56 per barrel, the oil transfer announced by Trump could be worth up to $2.8 billion. However, the volume represents only about two to two-and-a-half days of U.S. oil consumption, based on figures from the U.S. Energy Information Administration.

Despite its vast reserves, Venezuela currently produces roughly one million barrels per day—far below U.S. production, which averaged nearly 14 million barrels per day in October.

Venezuela’s government has not publicly confirmed the oil transfer Trump described.

The developments also intersect with rising regional tensions involving Guyana, where ExxonMobil is developing a massive offshore oil field. The discovery reignited Venezuela’s territorial claim over the Essequibo region—about two-thirds of Guyana’s landmass—and has fueled years of diplomatic and economic retaliation threats from Caracas, including past proposals to bar oil companies operating in Guyana from future activity in Venezuela.

Trump, responding to domestic criticism of the military operation, argued that efforts to arrest Maduro had bipartisan roots, noting that previous U.S. administrations also pursued drug trafficking charges against the Venezuelan leader. Maduro was first indicted in the United States in 2020, accused of leading a decades-long narco-terrorism conspiracy. The U.S. reward for information leading to his capture was raised to $50 million last year.

“They’ve been after this guy for years,” Trump said, lamenting that political opponents were unwilling to credit what he called a successful operation.

As investigations continue and regional fallout grows, the long-term consequences—for Venezuela’s sovereignty, U.S. foreign policy, and global energy markets—remain uncertain. Fifth Pillar Media Group will continue reporting as verified information emerges.