Venezuela and the United States would have reached an agreement to export up to US$2bn worth of Venezuelan crude oil to the United States, according to the US President. In a social media post, Trump said Venezuela would “turn over” between 30 and 50 mbl of “sanctioned oil” to the United States. "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," he added.
According to Trump, the oil will be transferred from ships and delivered directly to US ports. Currently, oil flows between Venezuela and the United States are entirely managed by Chevron, PDVSA’s main joint-venture partner, under a US government authorization.
Venezuela holds the world’s largest proven oil reserves, estimated at 346 Gbl, around 20% of global reserves. However, crude oil production collapsed by 77% between 2013 and 2020. Since then, output has recovered at an average rate of about 9%/year, reaching 1.10 mb/d in 2024, equivalent to roughly 1% of global production.