Following a military operation that ousted Nicolás Maduro, former US President Donald Trump announced that Venezuela would be "turning over" between 30 and 50 million barrels of sanctioned oil to the United States.

Trump stated the oil would be sold at market price, with the proceeds managed by him to benefit both the Venezuelan and American people. The move follows earlier pronouncements where Trump projected a revitalized US oil industry in Venezuela within 18 months, anticipating substantial investment inflows.

Industry analysts have previously estimated that restoring Venezuela's oil output to its former levels could require tens of billions of dollars and potentially a decade of work. The influx of 30 to 50 million barrels could provide a short-term boost to global oil supply, potentially impacting crude oil prices depending on the timing and method of release into the market. The specific market price achieved for the Venezuelan oil will be a key indicator of its value, especially given its sanctioned status.

Venezuela's oil industry, once a cornerstone of its economy, has suffered significantly in recent years due to mismanagement, underinvestment, and US sanctions. Prior to its decline, Venezuela was a major player in OPEC, wielding considerable influence over global oil markets.

The future of Venezuela's oil industry remains uncertain. While Trump envisioned a rapid turnaround, the actual timeline and success of any revitalization efforts will depend on political stability, international investment, and the lifting of sanctions. The management and distribution of the oil revenue, as proposed by Trump, would also be subject to considerable scrutiny and potential legal challenges.