Following a purported military operation aimed at removing President Nicolás Maduro, US President Donald Trump stated that Venezuela would be "turning over" up to 50 million barrels of oil to the United States. The announcement raises significant questions about the future of Venezuela's oil industry and its international trade relationships.

Trump indicated via social media that the oil, valued at approximately $2.8 billion (£2.1 billion) based on current market prices, would be sold, and the proceeds would be controlled by the US government. He further stated that these funds would be used to benefit both the Venezuelan and US populations.

The move has the potential to significantly disrupt the global oil market. For years, Venezuela's oil production has been in decline due to economic instability and underinvestment. 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. Trump's claim that the US oil industry would be "up and running" in Venezuela within 18 months appears optimistic given these challenges.

Venezuela's oil industry, once a cornerstone of its economy, has suffered greatly under Maduro's leadership. Production has plummeted, and the country has struggled to maintain its infrastructure. China has emerged as the primary buyer of Venezuelan oil in recent years, providing crucial financial support to the Maduro regime.

The future of Venezuela's oil industry remains uncertain. ABC News reported, citing unnamed sources, that Trump had urged Rodríguez to agree to an exclusive partnership with the US on oil production, and sever economic ties with China, Russia, Iran and Cuba. China has already condemned Trump's announcement and the reported US demands. The potential shift in Venezuela's oil trade relationships could have far-reaching geopolitical and economic consequences, impacting global energy markets and international relations.