WASHINGTON: Donald Trump has announced that Venezuela "will be turning over" up to 50 million barrels of oil to the United States, following a military operation that resulted in the ousting of President Nicolás Maduro. The president indicated the oil, valued at about $2.8 billion, will be sold at market price, and he will control the funds generated from this deal to purportedly benefit the people of both Venezuela and the United States.

Trump's announcement comes on the heels of the swearing-in of Delcy Rodríguez as Venezuela's interim president, following Maduro's arrest in the US on drug-trafficking and weapons charges. "Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down," Trump stated. His remarks have intensified discussions among major US petroleum companies, with meetings reportedly scheduled this week to address potential investments in Venezuelan oil production.

Despite the excitement, analysts remain skeptical about the immediate impact of Trump's plans on global oil supply and prices. Some noted that significant investments, potentially costing tens of billions of dollars, would be necessary to restore Venezuela's oil output, which has declined since the early 2000s. Additionally, they emphasized the challenges of extracting and refining Venezuelan oil, which is typically heavy and more complex to process. Currently, only Chevron is actively operating in the country under strict regulations.

In a statement to the media, a Chevron representative reaffirmed its commitment to the safety of personnel and compliance with the law, while ConocoPhillips, a company absent from the Venezuelan market, indicated it is monitoring developments closely. The Trump administration sees Venezuela's vast oil reserves, estimated at 303 billion barrels, as a key opportunity to enhance US energy prospects, despite the complexities and costs involved in rejuvenating Venezuela's oil industry.