According to Trump, the oil will be sold at current market prices, and all proceeds will be directly overseen by him, to ensure they are used for the benefit of both Venezuelan and American citizens.

This announcement comes in the wake of a surprise military operation that removed President Nicolás Maduro from power. Following Maduro’s removal, Delcy Rodríguez, the former Vice President of Venezuela, has been sworn in as the country’s interim President. Maduro himself has been transported to the United States, where he faces trial on charges related to drug trafficking and arms dealing.

Trump emphasized that the agreement represents a major step in revitalizing economic and energy cooperation between the two nations. He explained that U.S. oil companies will soon resume operations in Venezuela, aiming to restore production within the next 18 months, and that significant investments are expected to flow into the country’s oil sector.

The deal is expected to have a stabilizing effect on global oil prices, as Venezuela is home to one of the largest proven oil reserves in the world, estimated at around 300 billion barrels. However, analysts have warned that reviving Venezuela’s oil production will require massive investment and years of effort to return the sector to its former capacity.

Trump instructed U.S. energy authorities to immediately implement the plan, ensuring the oil is shipped to U.S. ports and sold at market prices. He stressed that the revenues generated from these transactions will be used in ways that directly benefit the citizens of both Venezuela and the United States, reinforcing economic stability and promoting mutual prosperity.

This announcement comes just a day after Trump had told reporters that the transformation of Venezuela into a functioning oil-exporting country would help lower oil prices globally, benefiting consumers worldwide.

Venezuela’s oil reserves remain the largest in the world, making this deal a significant development in the global energy market. Trump’s initiative is part of a broader plan to rebuild economic ties, restore energy production, and encourage large-scale investment in the country, signaling a new chapter in U.S.–Venezuela relations.