Trump plans to use Venezuela’s huge crude reserves ‘to cut US oil price to $50 a barrel’

In January 2026, U.S. President Donald Trump and Secretary of State Marco Rubio announced plans to free up Venezuelan oil flow, stating the proceeds would benefit both Venezuelans and the United States after U.S. forces abducted President Maduro. Trump claimed U.S. oil companies would rebuild Venezuela's oil infrastructure, funded directly by the companies and reimbursed through oil sales. Trump stated Venezuela will turn over 30 to 50 million barrels of sanctioned oil to the U.S. and that he would control the money from the sale of Venezuelan oil to ensure it benefits both countries. A key factor hindering Venezuelan oil production, which Trump and Rubio did not mention, is the U.S. sanctions imposed on Venezuela's oil industry.

The United States seized the oil tanker Marinera in the North Atlantic on Wednesday after a two-week pursuit. The tanker, previously named Bella 1 and recently re-registered with Russia, had evaded the U.S. Coast Guard after an initial stop in the Caribbean while en route to Venezuela to pick up oil. U.S. officials stated the seizure was part of an effort to enforce a partial blockade on Venezuelan oil and pressure its leadership. Despite a formal request from Russia to halt the pursuit and the presence of Russian naval vessels, the Coast Guard boarded the ship without resistance from the crew. U.S. military support, including aircraft, was deployed to assist in the operation. The crew may face legal action in the United States.

The United States seized two tankers, the Russian-flagged Marinera in the North Atlantic and the M/T Sophia in the Caribbean, for allegedly transporting Venezuelan oil in violation of sanctions. The Marinera was boarded after a nearly two-week pursuit, with logistical support from the British Navy. The US accused the M/T Sophia of illicit activities and received cooperation from Venezuelan leadership regarding this seizure. Russia has condemned the seizure of the Marinera, demanding proper treatment and repatriation of its crew. The US claims the Marinera was a stateless "shadow fleet" vessel operating under a false flag. The US intends to sell the seized oil and control the distribution of proceeds to benefit the Venezuelan people.

Venezuela faces a potential economic collapse in 2026 due to a U.S. blockade on its energy exports. Internal government projections estimate a 70% drop in oil production this year, crippling the country's primary revenue source. The U.S. is targeting tankers carrying Venezuelan crude, paralyzing exports and forcing the state oil company, PDVSA, to use storage tanks as temporary holding. Storage capacity is expected to run out by the end of January, leading to a rapid production decline from 1.2 million to under 300,000 barrels per day. This drastic reduction would severely limit Venezuela's ability to import goods and maintain essential services. The U.S. Secretary of State stated that sanctions would remain until Venezuela opens its oil industry to foreign investment.

In December 2025, the U.S. Treasury Department announced new sanctions targeting Venezuela's oil industry. The sanctions, part of President Trump's pressure campaign against Nicolas Maduro, target four companies and their oil tankers: the Nord Star, the Rosalind, the Valiant, and the Della. These tankers are accused of helping Venezuela circumvent existing sanctions and providing financial resources to Maduro's government. The U.S. claims Maduro's government is a "narco-terrorist" regime that destabilizes the U.S. and profits from oil exports to fund its operations. The sanctions aim to prevent the Maduro regime from profiting from oil exports.