Caracas and Washington have reached an agreement to export up to $2 billion worth of Venezuelan crude to the United States, President Donald Trump announced on Tuesday, redirecting shipments that had previously been bound for China. Trump said Venezuela would hand over between 30 and 50 million barrels of oil that had been subject to US sanctions, with the proceeds intended to benefit the Venezuelan people. Energy Secretary Chris Wright will oversee the implementation of the deal.
The agreement follows a mid-December export blockade that left large volumes of Venezuelan crude stranded on tankers. Officials in President Nicolás Maduro’s government have criticised the move, describing it as “kidnapping.”
Trump Claims Oil Victory
President Donald Trump portrayed the agreement as evidence that Caracas was yielding to US demands for greater access to Venezuelan oil following recent tensions involving the Maduro government. In a social media post, Trump said the oil would be sold at market prices, with the proceeds controlled by the US president to ensure the money benefits both Venezuela and the United States.
The deal covers between 30 and 50 million barrels of crude, valued at roughly $1.9 billion, with Venezuela’s Merey heavy crude trading about $22 per barrel below Brent. Chevron, PDVSA’s main joint-venture partner, currently controls most Venezuelan oil flows to the United States. Trump has also said he wants interim leader Delcy Rodríguez to grant “total access” to the country’s oil industry.
US refiners along the Gulf Coast are equipped to process heavy Venezuelan crude, and Interior Secretary Doug Burgum described the agreement as “great news” for jobs and gasoline prices.
Tanker Blockade Background
The standoff escalated when the U.S. Coast Guard seized the tanker Skipper near Venezuela, marking the first known interception of an oil vessel under the new measures. A blockade imposed in mid-December had already left millions of barrels of crude stuck on tankers at sea, with nowhere to unload.
As pressure mounted, U.S. action against the Maduro government reached a dramatic turning point. Venezuelan officials condemned the move as “kidnapping,” accusing Washington of using force to take control of the country’s oil.
The stakes are high. Venezuela exported roughly 952,000 barrels a day in 2025, most of it, around 778,000 barrels, destined for China. Over the past decade, China has absorbed more than half of Venezuela’s monthly oil exports, though independent Chinese refiners have recently shifted toward Russian and Iranian supplies. At home, PDVSA has been forced to curb output as storage space runs short.
Oil Majors Investment Push
Washington is pushing US oil majors to bet big on Venezuela once again. Exxon Mobil, ConocoPhillips and Chevron are being urged to invest billions to rebuild the country’s oilfields, using future production to recover arbitration claims that have gone unpaid for years. ConocoPhillips alone is seeking about $12 billion, while Exxon is owed roughly $1.65 billion.
The plan would require companies to finance new wells, pipelines and upgrading facilities, with analysts estimating that more than $10 billion a year would be needed to stabilise the sector. Interior Secretary Doug Burgum has framed a post-Maduro era as a rare chance to bring in capital and revive the industry.
For now, Chevron remains the only major exporter moving oil without major delays, as tankers including the Ionicax, Minerva and Astra load cargoes at Venezuelan ports. Markets reacted quickly to the news, with oil prices slipping after the announcement.
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