President Trump announces massive Venezuela oil transfer: 50 million barrels bound for US

Washington: President Donald Trump announced Tuesday that Venezuela will transfer between 30 million and 50 million barrels of oil to the United States, pledging to utilise the revenue from the sale “to benefit the people” of both nations.

The announcement comes as the White House prepares for a Friday summit with top American energy executives, including representatives from ExxonMobil, Chevron, and ConocoPhillips, to discuss expanding U.S. investment in Venezuela’s beleaguered oil industry. At current market prices of approximately $56 per barrel, the transaction could be valued at up to $2.8 billion, representing roughly two and a half days of total U.S. oil consumption.

The diplomatic and economic pressure follows the weekend’s high-stakes U.S. military raid in Caracas that deposed Nicolás Maduro. On Tuesday, Venezuelan officials reported that at least 24 local security officers were killed during the operation. Acting President Delcy Rodríguez, who has faced warnings from Trump to align with U.S. energy interests or face a fate "worse than Maduro’s," struck a defiant tone during an address to industry leaders.

“Personally, to those who threaten me: My destiny is not determined by them, but by God,” Rodríguez said.

Venezuela’s Attorney General Tarek William Saab described the fatalities, which he estimated in the "dozens", as a "war crime" and vowed a full investigation. The death toll also includes 32 Cuban military and police personnel, according to a confirmation from Havana. The Pentagon reported that seven U.S. service members were injured in the raid; five have returned to duty while two remain hospitalised with gunshot and shrapnel wounds.

In Caracas, the military posted a sombre video tribute to their fallen officers, stating on Instagram: “Their spilled blood does not cry out for vengeance, but for justice and strength.” Despite the sombre tone from the military, state-organised rallies briefly filled the capital's streets with supporters waving flags and playing patriotic music.

The Trump administration’s move has reignited regional and global anxieties over a more interventionist U.S. foreign policy. Beyond Venezuela, the president has renewed calls for the annexation of Greenland and threatened military action against Colombia over cocaine production, labelling Colombian President Gustavo Petro a “sick man.” Colombian Foreign Minister Rosa Villavicencio said Tuesday she would file a formal complaint with the U.S. Embassy in Bogotá regarding the threats.

In Europe, the leaders of France, Germany, Italy, Poland, Spain, and the U.K. issued a joint statement with Danish Prime Minister Mette Frederiksen defending Greenland's sovereignty. “Greenland belongs to its people,” the statement read. “It is for Denmark and Greenland, and them only, to decide on matters concerning Denmark and Greenland.”

Domestically, a Washington Post-SSRS poll shows Americans are divided over the capture of Maduro, who pleaded not guilty to federal drug trafficking charges in a Brooklyn court on Monday. While 40% of Americans approve of the military mission, 45% remain opposed to the U.S. taking control of Venezuela or selecting its next government.

Trump, speaking to House Republicans in Washington, pushed back against critics by noting that the efforts to apprehend Maduro began under the Biden administration. “They’ve been after this guy for years and years and years,” Trump said, adding that his detractors should say, “‘You know, you did a great job. Thank you. Congratulations.”

With inputs from ANI