Venezuela: Trump’s $3 billion oil windfall — why it matters in Oil & Companies News 09/01/2026 What exactly did Trump say? US President Donald Trump announced Tuesday evening that he has struck a deal with Venezuela’s interim authorities for the transfer of a large quantity of oil to the United States. In a post on his social media network Truth Social, Trump wrote that the Latin American nation would be “turning over” between 30 and 50 million barrels of “sanctioned oil.” Acting Venezuelan President Delcy Rodriguez said late Wednesday that her country is “open to energy relations” with the US, while state-owned oil company PDVSA confirmed it is in negotiations with the US over the sale of crude oil. Venezuelan oil is under US sanctions because Washington accuses the government of ousted leader Nicolas Maduro of corruption, repression and rigging elections. Trump’s deal comes days after the US captured Maduro, the longtime socialist leader who ruled Venezuela for more than a decade. Trump framed the deal as both an economic opportunity for both countries and a humanitarian measure, as Venezuelans continue to face severe shortages of food, medicine and basic services due to years of mismanagement and corruption. Trump said the US government would sell the oil at market prices and that the income generated would be controlled directly by him “to ensure it is used to benefit” Venezuelans and Americans. Oil prices dropped on the news, with West Texas Intermediate (WTI) down 0.7% at $56.73 per barrel at lunchtime UTC/GMT. How will Trump’s deal work? Few operational details about the deal were revealed by Trump, or over what period the oil transfer would take place. The oil would most likely come from existing stockpiles, energy analysts said. But 30 to 50 million barrels is the equivalent of one to two months of Venezuelan oil production. Early estimates from Bloomberg suggest the oil could be worth up to $2.8 billion (€2.4 billion) at current prices. Venezuela sits on about a fifth of the world’s oil reserves and used to be a leading oil producer. But after years of decline, today it contributes less than 1% of global output. The US president is due to meet top oil executives at the White House on Friday to discuss US investments to rebuild oil production infrastructure in Venezuela, news agencies reported Wednesday. Despite Trump’s bullishness, industry analysts believe creaking infrastructure and low prices could prevent a quick ramp-up of oil output. Why Venezuelan oil when the US is the world’s top producer? The issue isn’t quantity, but compatibility. Most US output is light crude, while many American refineries are built to process heavy crude into gasoline (petrol), diesel and other products critical for the US economy. For decades, Venezuelan oil filled that niche. Today, the US imports heavy crude from countries like Canada and Mexico to keep those refineries running efficiently. The American Fuel and Petrochemical Manufacturers trade association notes that using the right blend of crude is essential to “keep refineries efficient, keep costs down and maintain energy security.” Re‑engineering those refineries, especially along the Gulf Coast, to run solely on US light crude would cost billions and take decades — a risk the oil sector has little appetite for. Despite the collapse in Venezuela’s production, the country still sits on the largest heavy-oil deposits in the world, making renewed access a strategic prize for US refiners. W