Trump claims control over Venezuelan oil as markets and lawyers squint at the details

United States President Donald Trump says Venezuela will hand over between 30 and 50 million barrels of sanctioned oil currently stuck in storage under Washington’s embargo.

According to Trump, the oil would be sold at market prices, with revenues controlled by his administration to ensure the money is used “to benefit the people of Venezuela and the US”.

He added that he had instructed Energy Secretary Chris Wright to move ahead with the plan “immediately”.

“It will be taken by storage ships, and brought directly to unloading docks in the United States,” Trump wrote on Truth Social on Tuesday.

The announcement builds on Trump’s broader pledge to “take back” Venezuela’s oil and revive its collapsing energy sector following his administration’s abduction of Venezuelan President Nicolas Maduro. Trump has repeatedly claimed that Venezuela’s oil reserves were “stolen” from the US and says American companies are ready to invest billions to rebuild the industry.

Under international law, the US has no ownership claim to Venezuela’s oil. It is true that the late Hugo Chavez nationalised parts of the sector and seized assets from American firms, but that does not confer legal title to the reserves themselves.

Exxon Mobil and ConocoPhillips have not commented publicly on Trump’s plans. Both companies, along with Chevron, are expected to meet Trump on Friday to discuss Venezuela, according to US media reports.

In pure market terms, the headline figure sounds bigger than it is. Even at the high end, 50 million barrels spread over time would add only modestly to global supply. The world consumes more than 100 million barrels per day, while the US alone produces around 14 million.

Analysts also caution that reviving Venezuela’s oil industry is a far bigger task than moving oil out of storage. Restoring production anywhere near its 1990s peak of more than three million barrels per day would take years and enormous capital.

There is also lingering scepticism about whether US companies will commit serious money. Past experience under Chavez still looms large. ExxonMobil and ConocoPhillips were awarded $1.6bn and $8.7bn respectively in international arbitration after the 2007 nationalisation of the last privately run oil fields. Venezuela never paid.

Chevron remains the only major US firm still operating in Venezuela, producing about 150,000 barrels per day.

Once one of the world’s top oil producers, Venezuela has seen its industry hollowed out by sanctions, chronic underinvestment, mismanagement and corruption under both Maduro and Chavez. Despite holding the largest proven oil reserves on the planet, the country now accounts for less than one percent of global supply.