A significant geopolitical and economic maneuver unfolded on Tuesday, January 6, 2026, following the United States military operation that resulted in the capture of former President Nicolás Maduro on January 3, 2026. On that Tuesday, President Donald Trump announced via his Truth Social platform that the U.S. had secured control over a portion of Venezuela's previously sanctioned oil reserves.
This decision asserts an unprecedented level of financial authority over the sovereign nation's assets, with revenues from the oil slated for direct control by President Trump. The volume in question is estimated to be between 30 and 50 million barrels, which corresponds to approximately one to two months of Venezuela's recent output, which has fallen below one million barrels per day. This production level marks a sharp decline from nearly three million barrels per day two decades prior, attributed to sanctions and mismanagement at the state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA).
The seized crude, previously blocked by Washington's export embargo, is scheduled for transport to U.S. ports for sale at prevailing market prices. President Trump stated that the proceeds from the sale would be allocated for the benefit of the Venezuelan people and the United States. The plan is to be executed immediately under the direction of Energy Secretary Chris Wright.
The move immediately drew international condemnation. The United Nations expressed profound concern, concluding that the U.S. action undermines fundamental principles of international law. Interim President Delcy Rodríguez, who was sworn into office on January 5, 2026, following Maduro's capture, strongly denounced the U.S. action as aggression and a criminal assault.
The broader context involves Operation Absolute Resolve, the U.S. military action that apprehended Maduro and his wife, Cilia Flores, in Caracas on January 3, 2026, based on federal drug trafficking conspiracy charges to which Maduro pleaded not guilty in a Manhattan federal court on January 5. This operation was an escalation of threats previously issued by the Trump administration, which had also increased its naval presence in the Caribbean since September 2025. The oil agreement is specifically positioned to divert supply streams that were previously directed toward China, Venezuela's largest buyer in recent years.
Historically, Venezuela's oil industry, nationalized in 1976, has served as a political instrument, funding social programs without strengthening citizen accountability. Significant production decline resulted from mismanagement and U.S. sanctions, which were tightened again in 2024 after Caracas failed to meet conditions for fair elections. While major U.S. firms like ExxonMobil and ConocoPhillips previously exited following asset nationalization under the Chávez administration, Chevron remains the sole major U.S. company operating in the country, producing approximately 250,000 barrels per day through a joint venture with PDVSA. The structural challenge of Venezuela's dilapidated infrastructure, requiring substantial investment for recovery, persists regardless of the new control over stored oil volumes.
