Wed, 07 Jan 2026

Wed, 07 Jan 2026 Trump says Venezuela will be 'turning over' up to 50m barrels of oil to US

Earlier the president said US oil firms could be "up and running" in the country within 18 months.

* Trump says Venezuela will "turn over" up to 50 million barrels of oil to the US
* Oil will be sold at market price, with the money controlled by Trump and used for the benefit of Venezuelans and Americans
* Analysts say it could take tens of billions of dollars and potentially a decade to restore Venezuela's former output
* Major US petroleum companies plan to meet the Trump administration this week
* Chevron is currently operating in Venezuela but has not commented on Trump's plans, while ConocoPhillips and Exxon have expressed caution
* Trump claims that Venezuela "unilaterally seized and stole American oil", but experts say this is too simplistic as the oil was always owned by Venezuela.
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