WASHINGTON/CARACAS: Venezuela and the United States have reached a deal for Caracas to export up to $2 billion worth of crude oil to the US, President Donald Trump announced Tuesday, a landmark agreement redirecting shipments from China while easing pressure on Venezuela’s oil sector.
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The deal comes after US forces captured former President Nicolas Maduro, part of broader US pressure on Venezuela to open its oil industry to American companies. Trump stated that interim President Delcy Rodriguez would hand over 30 to 50 million barrels of “sanctioned oil” at market price, with proceeds controlled by the US administration. Energy Secretary Chris Wright has been tasked with executing the plan.
NEW: Trump says Venezuela will hand over 30–50 million barrels of oil, worth $2–4 BILLION, to the United States and claims he personally will control the money. pic.twitter.com/O2x57QYswi
— Molly Ploofkins (@Mollyploofkins) January 7, 2026
Under the agreement, Chevron—Venezuela’s main joint venture partner—will manage exports to US ports. The move may require reallocating crude cargoes initially bound for China, Venezuela’s top oil buyer in recent years. It remains unclear if PDVSA, the state oil company, will access proceeds, as US sanctions freeze Venezuelan accounts and block dollar transactions.
The plan could involve auctions to allow US buyers to bid for cargoes and potential licensing for PDVSA partners, including Chevron, India’s Reliance, and European companies, to receive shipments. US officials are also exploring the possibility of adding Venezuelan oil to the Strategic Petroleum Reserve.
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Interior Secretary Doug Burgum called the deal “great news” for US jobs, gasoline prices, and Venezuela’s economy, highlighting the potential for investment and recovery. Venezuela has faced production cuts due to storage shortages amid the US embargo. The agreement is expected to increase Venezuelan crude flows to the US Gulf Coast, partially restoring output levels before sanctions were imposed.