US President Donald Trump has made controversial remarks asserting that the United States will take control of Venezuela’s vast oil reserves and generate massive revenue from them. Trump said the move would allow the US to profit significantly from Venezuela’s oil wealth, marking a dramatic shift in Washington’s approach toward the crisis-hit Latin American nation.
The announcement came a day after Venezuelan President Nicolás Maduro was reportedly detained by the US military and transferred to New York. Trump stated that Venezuela’s interim administration would hand over between 30 and 50 million barrels of high-quality crude oil to the United States. He estimated the value of this oil at around USD 2.8 billion (approximately ₹23,000 crore) in the international market.
Posting on his Truth Social platform, Trump said he would personally supervise the revenue generated from the oil sales in his role as president. He claimed the funds would be used for the welfare of both American and Venezuelan citizens and added that major US oil companies would invest billions of dollars to modernize Venezuela’s long-neglected oil infrastructure.
Trump’s remarks have drawn sharp criticism from international experts, many of whom have described the move as “modern imperialism,” alleging that the removal of Maduro was driven by Venezuela’s oil resources. Following the announcement, global crude oil prices reportedly fell by about 1.5 percent per barrel, a development Trump believes will help lower fuel prices in the US. Venezuela is estimated to possess around 303 billion barrels of oil reserves, and analysts suggest that if US control leads to the lifting of sanctions, countries like India may be able to recover long-pending oil dues.