Recently, Donald Trump made another sweeping promise about Venezuela and oil.
He claimed the country will hand over up to 50 million barrels of oil to the United States. Trump said the oil could be worth as much as $2.8 billion and would be sold for the benefit of both countries.
The announcement came late Tuesday, posted directly by Trump on social media.
“I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” Trump wrote.
He went further.
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“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”
That statement caused instant concern.
Many people questioned whether Trump even has the power to do this. A U.S. president does not control oil sales or decide alone how money is spent.
Former federal prosecutor Ron Filipkowski reacted strongly.
“This is blatantly illegal. A president can’t go into the oil business and then decide where to spend the money. We are completely untethered from our founding document with a lawless president and a Republican Congress which has abdicated all Constitutional authority,” he wrote.
There was no clear explanation of where the oil would come from, how it would be transferred, or how the money would actually be managed. Key U.S. agencies stayed silent. Venezuelan officials also offered no public response.
Still, the message was clear. Trump wants oil at the center of his Venezuela strategy.
This comes just days after U.S. forces captured Venezuelan leader Nicolás Maduro. Since then, Washington has moved quickly to reshape Venezuela’s economy and its foreign ties.
Oil is the main prize.
Venezuela holds the largest proven oil reserves in the world. But years of neglect, sanctions, and political chaos have crushed production. The country now produces less than 1% of global supply.
Even so, Trump’s numbers sounded massive.
In reality, analysts say they are not.
“Even at the high end, 30 to 50 million barrels sounds big politically, but it is small economically,” said Haris Khurshid, chief investment officer at Karobaar Capital LP. “That’s a one-off flow, not a structural supply shift.”
Markets seemed to agree.
After Trump’s comments, U.S. oil prices dipped. West Texas Intermediate fell more than 2% before settling near $56 a barrel.
Behind the scenes, the move also sends a loud message to China.
For years, China was Venezuela’s top oil buyer. That relationship is now under threat. Analysts say Beijing is already preparing for a future without Venezuelan crude.
“The Trump administration’s aggressive reassertion of the Monroe Doctrine will have far-reaching implications for China,” said Christopher Beddor of Gavekal Dragonomics.
Meanwhile, American companies stand to gain.
Venezuelan oil is heavy and sour, a type that many U.S. Gulf Coast refineries are built to handle. Companies like Valero and Phillips 66 could benefit if shipments move forward.
Chevron remains the only U.S. company still exporting Venezuelan oil under a special sanctions waiver. It has already booked ships to Venezuelan ports.
Featured image via Political Tribune Gallery
