The United States has issued a set of conditions to Venezuela’s interim government, requiring the country to sever ties with China, Cuba, Russia, and Iran. The Trump administration is also seeking an exclusive partnership on oil production, with a preference for US buyers of Venezuela’s heavy crude.
Venezuela holds the world’s largest known oil reserves, estimated at 303 billion barrels in 2024. The US was previously a major buyer of Venezuelan oil, but relations cooled after sanctions blocked Caracas from global markets and access to essential shipping and diluents.
US officials, including Senator Marco Rubio, have told lawmakers that Caracas has limited oil tanker capacity and only a few weeks before potential insolvency. Senate Armed Services Committee Chairman Roger Wicker said the US is determined to gain control of Venezuelan oil without deploying troops.
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President Donald Trump said Venezuela will hand over between 30 and 50 million barrels of oil to the US. He added the oil would be sold at market prices, with proceeds controlled by the US to ensure both countries benefit financially.
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