Crude oil deal reached between Venezuela and US

Fahad Redha

January 7, 2026
3 min read

Crude oil deal reached between Venezuela and US

The United States and Venezuela have reached a deal to export up to $2 billion of Venezuelan crude oil to America, US President Donald Trump has announced. The deal, according to the Associated Press, would divert supplies from China and help the South American country “avoid deeper oil production cuts.”

The crude oil agreement is an indicator that Caracas has responded to Trump’s demand to open up to American oil companies or risk additional military intervention. Trump said he wants America and private oil companies to have “total access” to Venezuela’s oil industry, he told interim President Delcy Rodriguez.

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Venezuela has millions of barrels of crude oil, both on tankers and in storage tanks, that it has been unable to export following a blockade imposed by the US in mid-December. It came following rising pressure on Maduro’s government that led to his capture by American forces. Officials in Caracas have described it as a kidnapping, accusing Washington of attempting to steal its oil reserves.

It will be “turning over” between 30 and 50 million barrels of “sanctioned oil” to the US, Trump announced in a social media post.

He wrote: “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!”

American Energy Secretary Chris Wright is in charge of securing the deal, according to Trump, who added that the oil will be taken from the ships directly to ports in the US. Supplying the crude oil to America would mean reallocating cargo ships originally headed to China, according to Reuters. Beijing has been Venezuela’s primary buyer over the last decade, especially following US sanctions in 2020 on companies that are involved in oil trade with Venezuela.

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