U.S. President Donald Trump announced that Venezuela will deliver between 30 and 50 million barrels of oil as part of an agreement with the interim Venezuelan authorities, although he clarified that the financial proceeds from the crude oil sale will be managed directly by his government.
Thru his Truth Social account, Trump indicated that the funds obtained will be used for the benefit of the people of Venezuela and the United States, amid the new energy control scheme following the departure of Nicolás Maduro’s regime.
«I am pleased to announce that the interim authorities of Venezuela will deliver between 30 and 50 million barrels of high-quality, sanctioned oil to the United States of America», the president wrote.
Trump will control the resources from the sale of Venezuelan oil
The Republican magnate detailed that Venezuelan oil will be sold at market price, but the revenues will remain under his direct supervision.
«That money will be controlled by me, as President of the United States of America, to ensure that it is used for the benefit of the people of Venezuela and the United States», Trump said.
He also reported that he had ordered Energy Secretary Chris Wright to implement the plan immediately, using storage vessels to transport the crude oil to U.S. ports.
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Venezuelan oil: a heavy, difficult-to-refine crude oil
Venezuelan oil is characterized by being very heavy, with high density and a high sulfur content, which complicates its transportation and refining. For processing, it requires specialized facilities or dilution with lighter crude oils.
These conditions persist despite Venezuela having the world’s largest oil reserves.
The South American country has various types of crude oil:
- Extra heavy
- Heavy
- Medium
- Lightweight
This gives it a high potential to meet international energy demand, especially in contexts of global scarcity.
The world’s largest oil reserves are in Venezuela
Although considered a low-quality commercial crude oil, Venezuelan crude accounts for 17.5% of global reserves, equivalent to 303 billion barrels, according to the OPEC Annual Statistical Bulletin 2024.
The largest reserves are located in the Orinoco Oil Belt, where enormous deposits of heavy and extra-heavy crude oil are buried at great depths.
However, its high sulfur content, which corrodes pipelines, along with international sanctions, a shortage of suitable vessels, and a lack of infrastructure, has caused serious storage, transportation, and export problems.
