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

According to reports, Donald Trump plans to leverage Venezuela's vast oil reserves to control oil production in the Western Hemisphere, aiming to lower US oil prices to around $50 a barrel. The strategy involves increasing Venezuela's oil output and restricting access for Russia and China. The US has already laid claim to 50 million barrels of Venezuelan crude and seized a Russian oil tanker linked to Venezuela. Trump stated that Venezuela would use oil sale profits exclusively to purchase American-made goods. Experts question the feasibility of revitalizing Venezuela's oil industry to achieve the desired production increase.

In January 2026, the United States announced it would control the sales of Venezuelan oil "indefinitely." According to the announcement, the US will determine how the revenue from these sales is allocated. President Trump stated that Venezuela would transfer between 30 and 50 million barrels of oil to the United States. The US also seized two sanctioned oil tankers allegedly linked to Venezuela. The stated reason for this action was not provided in the article.

Following the U.S. abduction of Venezuelan President Nicolas Maduro in January 2026, uncertainty surrounds Venezuela's economic future. The U.S. announced it will control Venezuelan oil sales "indefinitely," raising concerns about revenue for Caracas. The U.S. plans to market sanctioned oil, holding proceeds in U.S. Treasury accounts to be shared between the two countries. A deal was also struck for Venezuela to export up to $2 billion worth of crude oil to the U.S. In the long term, the U.S. may ease sanctions on Venezuelan oil imports and equipment. The impact on Venezuela's economy hinges on sanctions relief, relations with the U.S., and control of oil revenues, especially considering that nearly 80% of Venezuela's budget was allocated to social spending.

Following the capture of Nicolás Maduro, the US, under Donald Trump, will reportedly receive up to 50 million barrels of Venezuelan oil, with the possibility of continued supply and eased sanctions to allow indefinite sales. Trump aims to control the revenue, selling up to $3 billion worth of Venezuelan crude into the global market, potentially driving down oil prices. Global oil prices initially fell on Wednesday in response to the news. This move could disrupt Venezuela's oil exports to China, which currently receives 80% of its crude, potentially increasing tensions between the US and China, who criticized the action as a violation of international law. Trump stated that the US Energy Secretary will oversee the deal, ensuring the oil is directly transported to US ports.

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.

Cuba's official newspaper, Granma, reported that 32 Cuban military personnel were killed in Venezuela during what it described as a U.S. military operation against Nicolás Maduro. The Cuban government stated the deceased were part of missions representing the Revolutionary Armed Forces and the Ministry of the Interior, carried out at the request of Venezuela's government. The Cuban Foreign Minister condemned the U.S. action and asserted Cuba's readiness to defend itself against any U.S. intervention. The deceased, ranging in age from 26 to 60, included colonels, lieutenants, majors, captains, and reserve soldiers. Cuba announced two days of mourning following the incident.

Following the abduction of Nicolas Maduro by US military forces, Venezuela's interim leader, Delcy Rodriguez, asserted that Venezuela is not being governed by any foreign agent. This statement comes after Maduro and his wife pleaded not guilty to drug-trafficking charges in a New York court. Venezuela's prosecutor general condemned the US military operation as an act of terrorism and demanded Maduro's release. The operation, which resulted in numerous deaths, has been widely criticized as a violation of international law, with Venezuela and Cuba reporting military casualties. While President Trump initially stated the US would "run" Venezuela, Secretary of State Rubio later clarified that the US would guide the country's direction through sanctions and access to its oil industry.

Donald Trump suggested US taxpayers could reimburse oil companies for investments in Venezuelan infrastructure to increase oil production after Nicolás Maduro's potential removal. Energy Secretary Chris Wright is reportedly planning meetings with Chevron, ConocoPhillips, and ExxonMobil to discuss increasing Venezuelan production, a key goal for the Trump administration. The administration hopes to entice US oil companies back into Venezuela after the government took control of US-led energy operations nearly two decades ago. However, reports indicate that the three largest US oil companies have not yet had conversations with the White House about operating in Venezuela. Restoring Venezuelan oil production, which has significantly decreased, will require years of work and billions of dollars of investment.

The BBC is examining the close relationship between Cuba and Venezuela, particularly in light of recent events. Following a military operation in Venezuela where Nicolás Maduro was seized, Cuba's reliance on Venezuelan oil supplies is now potentially vulnerable. The report explores how a collapse of Venezuela's oil supply could negatively impact Havana. Will Grant, the BBC's Cuba correspondent, is reporting from Cúcuta, on the Colombia-Venezuela border, to provide insights into the situation. The report also includes video produced by Marina Costa and Gabriela Boccaccio, and graphics by Jean-li Lee.

A Reuters/Ipsos poll conducted in January 2026 revealed that Americans are divided on the US military's abduction of Venezuelan President Nicolas Maduro. The poll found 33% of Americans support the action, 34% oppose it, and 32% are unsure. Support for the abduction is significantly higher among Republicans (65%) compared to Democrats (11%) and Independents (23%). The poll also indicated that Americans generally oppose the US governing Venezuela, stationing troops there, or taking control of its oil fields. A large majority (72%) expressed concern that the US could become too involved in Venezuela. These results come after President Trump stated the US would "run" Venezuela and threatened further military action.

Following deadly US strikes on Venezuela and the capture of its leader Nicolás Maduro and his wife, Cilia Flores, the US faced strong international condemnation at a UN Security Council emergency meeting on Monday. Several countries, including Brazil, China, Russia, and Spain, denounced the US actions as a "crime of aggression." Despite Republican assurances that the US is not at war, Democratic Senate leadership cautioned about the potential for a new conflict. The situation has also led to the diversion of over 28,000 federal law enforcement personnel to ICE enforcement and removal operations. The article highlights the international fallout and domestic concerns surrounding the US involvement in Venezuela.

In January 2026, the UN Security Council held an emergency meeting in New York City to address the abduction of Venezuelan President Nicolas Maduro and his wife by US special forces. The US intended to bring the pair to face drug trafficking charges in a US federal court. Venezuela, Cuba, Russia, and China condemned the US operation as a violation of international law and an illegitimate armed attack. Even traditional US allies like Mexico and Denmark, who have been threatened by the US in the past, criticized the action. They warned that the abduction sets a dangerous precedent and violates national sovereignty, urging the council to act decisively.

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 January 2026, Venezuelan President Nicolas Maduro and his wife were abducted and brought to the US to face charges filed in the Southern District of New York. The indictment, initially sealed before December 25th, accuses Maduro of leading a corrupt government fueled by drug trafficking, specifically "narco-terrorism" and conspiracy to import cocaine. These charges, similar to those from a 2020 indictment, carry potential life sentences. US officials allege Maduro collaborated with major drug trafficking groups in Colombia and Mexico, despite data suggesting Venezuela isn't a primary drug producer. While Trump has linked Maduro to the Tren de Aragua gang, US intelligence agencies have found no evidence to support this claim.

Nicolás Maduro, the ousted Venezuelan leader, appeared in a Manhattan federal court on Monday, January 5, 2026, and pleaded not guilty to federal charges including narco-terrorism and cocaine importation. Maduro, who was captured in Caracas on Saturday by Army Delta Force commandos and transported to the U.S., claimed he was "kidnapped" and declared himself a "prisoner of war." Despite his protests, Judge Alvin K. Hellerstein only confirmed his identity. Maduro's lawyer indicated they may challenge the legality of the arrest and the U.S. government's refusal to recognize him as Venezuela's legitimate president. Maduro and his wife, Cilia Flores, were indicted, leaving Venezuela's future uncertain. Secretary of State Marco Rubio stated Maduro was a fugitive from American justice.

Venezuelan President Nicolás Maduro and his wife, Cilia Flores, pleaded not guilty to drug and weapon charges in a New York City courtroom on Monday. Maduro, who claims he was kidnapped from his home in Caracas on January 3rd, declared himself a "prisoner of war" during the arraignment. The couple was arrested by US forces in Venezuela on Saturday in a surprise operation involving strikes on military bases. Dressed in jail attire, Maduro and Flores listened to the proceedings through Spanish translation headphones. The 40-minute hearing was held in the same courtroom where Sean "Diddy" Combs was previously tried.

On January 5, 2026, Donald Trump threatened the president of Colombia. The threat followed the United States' abduction of Venezuelan leader Nicolas Maduro. Trump stated his belief that the Cuban government was likely to collapse without support from Venezuela. The reasons behind Trump's threat to Colombia's president were not specified in the report. The news report suggests a connection between the US action in Venezuela, Trump's threat to Colombia, and the potential instability of the Cuban government.

At a United Nations Security Council emergency meeting on January 5, 2026, the United States faced condemnation for its capture of Venezuelan President Nicolás Maduro and military incursion into Venezuela. Even U.S. allies, like France, criticized the action as a violation of international law that undermines international order. U.N. Secretary General António Guterres stated the U.S. violated the U.N. charter, while Russia and China demanded Maduro's release and a halt to further U.S. military action. The U.S. ambassador defended the action as a law enforcement operation against a narcotics fugitive, arguing it made Latin America safer. This was the second recent Security Council meeting addressing U.S. actions regarding Venezuela that were deemed threats to world order.

At a UN Security Council emergency meeting, the US faced widespread condemnation from allies and foes alike for its military strikes in Venezuela and the capture of President Nicolás Maduro and his wife. Numerous countries, including Brazil, China, Colombia, and Russia, denounced the actions as a violation of Venezuelan sovereignty and a dangerous precedent. The US ambassador defended the operation as a legitimate law enforcement action against an illegitimate leader facing criminal indictments. The UN Secretary-General expressed deep concern about the potential for increased instability in Venezuela and the region, questioning the operation's adherence to international law. Colombia condemned the US action as a violation of Venezuela's sovereignty and a use of force reminiscent of past interference. Maduro is scheduled to appear before a US federal judge on charges including narco-terrorism.

Following the reported removal of Nicolás Maduro from power in Venezuela by a US military operation, Cuba faces an uncertain future. Cuba and Venezuela have maintained close ties since 1999, with Venezuela providing oil to Cuba in exchange for Cuban doctors and support. The Cuban government has condemned the US action, declared national mourning for Cuban nationals killed in the operation, and acknowledged the presence of Cuban security personnel protecting Maduro. The article highlights Cuba's significant influence within the Venezuelan government and military, including the presence of Cuban advisors and security details. It also notes internal tensions within Venezuela regarding the perceived imbalance in the relationship, as Venezuela continues to supply Cuba with approximately 35,000 barrels of oil daily. The loss of Maduro is expected to have a negative impact on Cuba, which is already experiencing food shortages.

Following the capture of Venezuelan President Nicolás Maduro by U.S. forces in Caracas, Venezuelans are reacting with a mix of hope and worry. The U.S. accuses Maduro of running a "narco-terrorist" regime, allegations he denies, and intends to hold him in New York City on drug trafficking and weapons charges. While some Venezuelans express gratitude towards the U.S. for removing Maduro, citing a renewed sense of hope, others fear the uncertainty of the future. Supporters of Maduro have rallied in Caracas, demanding his release and condemning the U.S. action as a kidnapping. The U.S. plans to manage Venezuela, including its oil reserves, until a replacement for Maduro is established, leaving the country's future unclear.

In a New Year's Eve interview, just hours before his capture by U.S. forces in Caracas, Nicolás Maduro made a final plea for peace to the American public and President Trump. Maduro, driving around Caracas, claimed Venezuela was a friendly nation and government, offering the slogan "No war. Yes peace." He accused Trump of seeking pretexts for invasion while asserting his desire for a peaceful resolution. Maduro also presented a red hat with his peace slogan, mimicking Trump's "Make America Great Again" cap. The interview, broadcast on Venezuelan state television, provided insight into Maduro's mindset as the U.S. military closed in, revealing his attempt to portray himself as a peace-loving leader despite previous defiant statements.

Nicolas Maduro, born in Caracas in 1962, rose from a working-class background to become the authoritarian president of Venezuela for over a decade. His political journey began in organized labor, leading to involvement with the Socialist League of Venezuela and political training in Cuba. He later founded a transport workers' union before entering formal politics. Maduro's presidency ended abruptly on January 3, 2026, when U.S. forces abducted him and his wife, First Lady Cilia Flores, to face drug- and weapons-related charges in a U.S. court. His early life included an interest in Western rock music and student politics, though his high school graduation is unconfirmed.

On January 4, 2026, the United States allegedly conducted a swift regime change operation in Venezuela. According to the report, the US bombed Venezuela and abducted President Nicolas Maduro and his wife from their compound in Caracas. The report states that Maduro and his wife were then taken to a detention center in New York. The article details the alleged overnight events leading to this change in power. The reasons behind the US's alleged actions were not specified in the provided information.

Satellite imagery reveals damage to Venezuela's largest military base, Fuerte Tiuna, following the capture of President Nicolás Maduro on Saturday. The images, released by Vantor, a space technology company, show that at least five buildings within the Caracas-based complex were destroyed. The damage also includes a gate and security building located in a wooded area near the compound. The imagery shows cargo containers and military vehicles near the destroyed buildings, but their contents are unknown. Fuerte Tiuna, built into a mountainside south of Caracas, is a military complex with fortifications and roads. The imagery provides visual evidence of the impact of the operation at the Venezuelan military base.

On January 4, 2026, the U.S. launched a coordinated air and ground incursion into Venezuela, targeting Caracas and La Guaira. The operation, involving over 150 military drones, fighter planes, and bombers, aimed to remove Nicolás Maduro and establish a U.S.-led interim administration. Residents captured the strikes on cellphones, documenting low-flying helicopters and explosions. The New York Times verified videos showing the attack, which targeted infrastructure in the capital and the strategic port city of La Guaira. The surprise attack followed months of increased U.S. military presence in the Caribbean and significantly altered the region's political landscape.

A video circulating in news feeds purportedly shows Venezuelan President Nicolas Maduro in US custody on January 4, 2026. The video allegedly depicts Maduro arriving at a Drug Enforcement Agency detention center in New York. According to the news feed, US forces seized Maduro and his wife in a raid on Caracas. The stated reason for the seizure is to bring Maduro to the US to face drug-trafficking charges. The authenticity of the video and the details surrounding the alleged arrest remain unconfirmed.

President Trump announced the U.S. will govern Venezuela until a transition can occur. On January 3rd, the U.S. launched strikes in Venezuela, capturing President Nicolas Maduro and his wife. Trump stated the couple was apprehended at a fortified residence and will be transported to New York, with only minor U.S. injuries reported. Attorney General Pam Bondi announced Maduro's indictment in New York on drug and weapons charges, stating he will be prosecuted in American courts. In response, Venezuela declared a national emergency, condemning what it described as "extremely serious military aggression" by the U.S.

Explosions were reported in Caracas, Venezuela, on Saturday, January 3, 2026, with the cause of the blasts currently unknown. The incident follows months of increasing pressure from the United States on Venezuelan President Nicolás Maduro, whom the U.S. government accuses of leading a "narco-terrorist" state and controlling drug trafficking groups. The U.S. military has increased its presence in the Caribbean since late August, engaging in operations against vessels allegedly involved in drug smuggling. These actions have resulted in numerous deaths and have been criticized as potential extrajudicial killings. The situation is ongoing, and further updates are expected.

In a phone interview with The New York Times on January 3, 2026, President Trump confirmed and celebrated the U.S. capture of Venezuelan leader Nicolás Maduro. Trump described the operation as "brilliant," citing "good planning" and "great troops." The interview occurred shortly after Trump announced the capture on social media. When asked if he had consulted Congress before the military action, Trump stated that they would discuss it later at a planned news conference. He declined to elaborate on the future of Venezuela or the justification for the mission, promising further details at the 11 a.m. press conference at Mar-a-Lago. The brief phone call lasted less than a minute.

The US captured Venezuelan President Nicolás Maduro and his wife, Cilia Flores, but his inner circle appears to have survived the strikes on the country. Vice President Delcy Rodríguez, next in line for the presidency, and other top officials, including Defense Minister Vladimir Padrino López and Interior Minister Diosdado Cabello, issued defiant statements and made public appearances after the attacks. Rodríguez's location was unclear, with reports suggesting she was in Russia at the time of the strikes. The survival of these officials indicates that Venezuela's government remains functional, at least for now. The US intervention raises questions about what happens next, with potential power struggles between military units, rival factions, and guerrilla groups. The Venezuelan opposition's ambitions to exercise power also remain uncertain, with opposition leader María Corina Machado and retired diplomat Edmundo González, considered the legitimate winner of the 2024 presidential election, vying for influence.

On January 3, 2026, explosions and smoke were reported in Caracas, Venezuela. The events occurred amid heightened tensions between Venezuela and the United States. Power outages were also reported near a key military base in the capital city. There were also reports of low-flying aircraft over Caracas. Al Jazeera reported on the situation, with Lucia Newman providing details as they became available. The cause of the explosions and the extent of the damage remain unclear.

On January 3, 2026, low-flying aircraft were observed over Caracas, Venezuela, while multiple explosions occurred throughout the city. The Venezuelan government has accused the United States of attacking civilian and military installations in several Venezuelan states. The specific targets of the alleged attacks and the extent of the damage remain unclear. The motive behind the purported attacks, according to the Venezuelan government, is to destabilize the country. Further details are awaited as the situation develops.