Washington: Trump revealed the plan in a Truth Social post, saying “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!” he added. He directed Energy Secretary Chris Wright to begin immediate execution of the plan, adding that the oil will be loaded onto storage ships and delivered directly to U.S. unloading docks.

The barrels, currently held in storage, including on ships and in Venezuelan tanks, are expected to be diverted largely to U.S. Gulf Coast refineries, which are configured to process heavy crude. Analysts noted that while 50 million barrels is a sizeable figure, it represents only a fraction of U.S. daily consumption and is unlikely to drastically move fuel prices.

The announcement comes against the backdrop of escalating U.S. intervention in Venezuela, including military actions and the recent capture of Venezuelan President Nicolás Maduro, a move that has inflamed tensions and been condemned by Caracas as a “kidnapping.”

Oil markets reacted modestly to Trump’s declaration, with U.S. crude prices dipping as traders assessed the likely limited immediate impact on global supply. At current price levels, the total value of up to 50 million barrels could range into the billions of dollars, highlighting the economic weight of the deal.