barrels

Activists denounce the U.S. military seizure of Venezuelan President Nicholas Maduro at Pershing Square in Los Angeles, Calif., on Saturday, January 3, 2026. President Donald Trump said Tuesday that Venezuela will give the United States upwards of 50 million barrels of oil. Photo by Jim Ruymen/UPI. | License Photo

Jan. 6 (UPI) — Venezuela will be turning over tens of millions of barrels of oil to the United States, President Donald Trump said Tuesday, days after the U.S. military seized the authoritarian president of the country, Nicolas Maduro.

Trump said Venezuela’s interim government, sworn in Monday, will be giving the United States between 30 million and 50 million barrels of “high quality, sanctioned oil.”

“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!” Trump said on his Truth Social platform.

It was unclear when the United States would receive the oil, but it will be brought to the United States aboard oil tankers.

Trump said Energy Secretary Chris Wright has been asked to “immediately” execute the plan.

“On it Mr. President,” Wright said in response on X.

“You have my attention to this matter.”

The U.S. military seized Maduro from Venezuela in an early morning operation on Saturday following months of military buildup around the country and an escalating Trump administration pressure campaign. He and his wife, Cilia Flores, were brought to the United States to face narcotrafficking and other drug-related charges.

The Trump administration has been enforcing a naval blockade on Venezuelan oil since mid-December, with Trump arguing the South American country’s oil and assets of U.S. companies were “stolen from us,” referring to Caracas’ decades-old nationalization of its oil industry.

Delcy Rodriguez, former vice president under Maduro, was sworn in as president of Venezuela on Monday. However, Trump has said that the United States will be “running” the South American nation, though other administration officials, including Secretary of State Marco Rubio, have attempted to soften that stance.

Rodriguez is “essentially willing to do what we think is necessary to make Venezuela great again,” Rubio said Monday.

Venezuela has the world’s largest oil reserves.

According to the U.S. Energy Information Administration, the United States consumed an average of 20.25 million barrels of petroleum per day in 2023.

BREAKINGBREAKING,

US president says oil will be sold at market prices and that he will control resulting revenues.

United States President Donald Trump has announced that Venezuela will turn over between 30 and 50 million barrels of sanctioned oil.

“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!” Trump said on his platform Truth Social on Tuesday.

“I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States.”

More to follow…

Dec. 22 (Asia Today) — South Korea has surpassed 100 million barrels in government-held oil reserves as it seeks to bolster energy security against global supply disruptions, the industry ministry said Monday.

The Ministry of Trade, Industry and Energy said the government’s secured stockpile exceeded 100 million barrels after the final tanker shipment of the year arrived at the Korea National Oil Corporation’s Geoje oil reserve base.

Including about 95 million barrels held by private companies, South Korea now has enough oil to cover more than 210 days under International Energy Agency standards in an emergency, the ministry said.

South Korea, which relies on imports for its oil, adopted a national stockpiling plan in 1980 and has expanded reserves over about 45 years after experiencing global supply shocks during past oil crises, the ministry said.

The country now holds the fourth-largest oil reserves among the agency’s member countries, the ministry said, describing the stockpile as an energy safety net that can help respond to supply crises.

The ministry said it plans to strengthen crisis response capabilities and shift focus from simply expanding volume to improving the quality of reserves.

In its fifth petroleum stockpiling plan prepared earlier this month, the ministry said it would restructure reserves to prioritize oil grades better suited to domestic demand.

An industry ministry official said oil reserve bases operate under strict safety requirements and the government will phase out aging equipment and strengthen disaster response systems.

– Reported by Asia Today; translated by UPI

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