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 controlled by him to benefit both the Venezuelan and American people. While the exact market price remains subject to fluctuation, based on current benchmarks, a sale of 50 million barrels could generate billions of dollars. The destination of these funds and the mechanisms for their distribution remain unclear.

Trump's announcement arrives amid ongoing discussions about the future of Venezuela's oil industry. He previously projected that the US oil industry would be operational in Venezuela within 18 months, anticipating significant investment in the sector. However, industry analysts have cautioned that restoring Venezuela's oil output to its former levels could require tens of billions of dollars and potentially a decade of sustained effort.

Venezuela's oil industry, once a cornerstone of its economy, has suffered significantly in recent years due to mismanagement, corruption, and international sanctions. Prior to the crisis, Venezuela was a major player in the global oil market, with state-owned oil company PDVSA holding substantial reserves. The country's current production levels are a fraction of their former capacity.

The future of Venezuela's oil industry and its relationship with the United States remains uncertain. The success of any revitalization efforts will depend on political stability, international investment, and the implementation of sound economic policies. The long-term impact on global oil markets will hinge on the scale and pace of Venezuela's production recovery.