New Delhi, January 7: US President Donald Trump announced on Tuesday, January 6, that Venezuela will provide 30 million to 50 million barrels of oil to the United States, a transaction potentially valued at up to USD 2.8 billion based on current market prices. The announcement follows a high-stakes US military operation over the weekend to capture Nicolás Maduro, who faces federal drug trafficking charges in the US. Trump pledged that proceeds from the oil transfer would be used to "benefit the people" of both nations as his administration pressures Caracas to open its energy sector to American investment.

White House Moves to Restore Energy Ties

The White House has scheduled a meeting for Friday with top executives from Exxon, Chevron, and ConocoPhillips to discuss the future of Venezuela’s oil industry. The administration seeks to leverage American "know-how" to revitalize Venezuela’s struggling production, which currently averages only one million barrels per day despite the nation holding the world's largest proven reserves.

This shift occurs as regional tensions persist over ExxonMobil’s offshore developments in neighboring Guyana. The Maduro government had previously threatened to ban companies operating in Guyana from future Venezuelan projects due to a long-standing territorial dispute over the Essequibo region. Donald Trump Says He Watched Nicolas Maduro ‘Capture’ Live, Calls It ‘Like a Television Show’.

US To Get 30 Million to 50 Million Barrels of Oil From Venezuela

Casualties Reported in Caracas Raid

The weekend military strike in Caracas resulted in significant casualties on the ground. Venezuelan officials reported that at least 24 security officers were killed during the operation to capture Maduro. Cuban authorities also confirmed the deaths of 32 military and police personnel stationed in Venezuela at the time of the raid.

The Pentagon reported that seven U.S. service members were injured by gunfire and shrapnel during the mission; five have returned to duty while two continue to recover. Venezuelan Attorney General Tarek William Saab has labeled the operation a "war crime" and stated that dozens of total deaths are currently under investigation. Donald Trump’s Tariff Threat on India ‘Self-Inflicted Wound’, Caused ‘Real Trouble’ in Relations, Says Former US NSA John Bolton (Watch Video).

Political Transition and Diplomatic Friction

Acting Venezuelan President Delcy Rodriguez has pushed back against U.S. demands to overhaul the country’s political and energy frameworks. Responding to warnings from President Trump that she must "do what’s right" or face a similar fate to Maduro, Rodriguez stated that her destiny is "determined by God" rather than foreign threats.

In Washington, President Trump defended the operation against domestic criticism, noting that the effort to arrest Maduro on narco-terrorism charges began under previous administrations. The U.S. recently increased the reward for Maduro's capture to $50 million following a disputed election last year.

Economic and Strategic Impact

If finalized, the 50-million-barrel transfer would represent approximately two and a half days of total U.S. oil supply. While the transaction offers a significant short-term boost, experts note that Venezuela's daily production remains far below the U.S. average of nearly 14 million barrels per day. The administration’s upcoming meeting with oil executives will likely focus on whether American intervention can stabilize these output levels for long-term export.

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(The above story first appeared on LatestLY on Jan 07, 2026 01:39 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).