On Tuesday evening, President Donald Trump announced that Venezuela's interim authorities have agreed to send between 30 and 50 million barrels of sanctioned crude oil to the United States. This deal will put the sale proceeds under the direct supervision of the White House, which could significantly change energy trade.
Trump shared on social media, “I’m happy to report that the Interim Authorities in Venezuela are handing over between 30 and 50 MILLION barrels of high-quality, sanctioned oil to the United States of America. This oil will be sold at its market price, and I will control the funds as President to make sure they benefit the people of Venezuela and the United States!”
He instructed Energy Secretary Chris Wright to act quickly, with the oil being transported using floating storage vessels and then offloaded at U.S. ports.
This announcement comes as Venezuela's oil exports are mostly frozen due to a U.S. naval blockade. On Tuesday, Reuters reported that PDVSA has stopped loadings for its main Chinese customers for the fifth consecutive day, leaving only Chevron-chartered tankers to load crude at the Jose and Bajo Grande terminals.
The situation follows a U.S. military operation over the weekend that captured President Nicolás Maduro, who was taken to New York to face drug trafficking charges. Interim President Delcy Rodríguez is now overseeing a government that the U.S. plans to supervise.
Chevron has been operating in Venezuela under special waivers from U.S. sanctions since 2019 and has been a key exporter of Venezuelan crude through joint ventures with PDVSA.
Last month, the U.S. implemented a blockade on sanctioned tankers moving in or out of Venezuelan waters, halting most exports except those managed by Chevron under a special Treasury license.
Chevron resumed operations on Monday after a four-day break, bringing back staff to its Venezuelan offices as commercial flights resumed. Currently, Chevron has emerged as the only dependable outlet for Venezuelan crude.
At the same time, at least a dozen sanctioned tankers that loaded in December departed in early January with about 12 million barrels of crude and fuel. These ships left with their AIS transponders turned off and were initially headed to China, according to shipping data and reports. U.S. officials have not confirmed whether these departures were allowed.
Another critical situation is evolving in the North Atlantic. A tanker formerly known as Bella 1, now reflagged in Russia and renamed Marinera, remains unaccounted for while U.S. authorities consider a possible boarding operation as the vessel sails near the UK, as reported by CBS News.
The ship was blacklisted by the U.S. Treasury in June 2024 for transporting oil for networks associated with Hezbollah and Iran’s IRGC-Qods Force. TankerTrackers.com estimates that it carried over 20 million barrels of Iranian and Venezuelan crude between 2021 and 2025, primarily through ship-to-ship transfers destined for China.
With storage tanks at Venezuelan ports nearly full and PDVSA facing even more production cuts, handing over tens of millions of barrels to the United States could help alleviate immediate bottlenecks. It could also redirect Venezuelan oil flows away from Asia and into U.S. control for the first time in decades.