Here are the details of Trump's deal for millions of barrels of Venezuelan oil

Nora Gámez Torres and Antonio Delgado, Miami Herald on Jan 7, 2026

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Following the capture of Venezuelan strongman Nicolás Maduro, U.S. Secretary of Energy Chris Wright laid out a plan in Miami on Wednesday for the U.S. government to sell Venezuelan oil and administer the proceeds for the “benefit” of the United States and Venezuela.

“We’re going to market the crude coming out of Venezuela, first this backed-up stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright said at Goldman Sachs’ Energy, CleanTech & Utilities Conference in Miami.

On Tuesday night, President Donald Trump said that Venezuela’s interim authorities had agreed to turn over between 30 million and 50 million barrels of oil to the United States.

Wright said the sales will be managed by the U.S. government. The Energy Department later published a document detailing the plan.

Here are its main points:

—The administration says it has “engaged the world’s leading commodity marketers and key banks to execute and provide financial support for these crude oil and crude products sales.”

—All proceeds from the sale of Venezuelan crude oil and oil products will be deposited in U.S. controlled accounts “at globally recognized banks to guarantee the legitimacy and integrity of the ultimate distribution of proceeds.”

—The funds will be disbursed “for the benefit of the American people and the Venezuelan people at the discretion of the U.S. government.”

—The funds will be used to purchase only American-made products, including U.S. agricultural goods, medicines, medical devices, and equipment to upgrade the country’s electric grid and energy infrastructure, Trump announced on his Truth Social account.

—The move commits Venezuela to making the United States its principal commercial partner, a decision Trump described as beneficial for both the Venezuelan people and the U.S. economy.

—Earlier on Wednesday, Secretary of State Marco Rubio said the oil sales will begin immediately with the anticipated sale of approximately 30 million to 50 million barrels. “They will continue indefinitely,” the fact sheet published by the Energy Department said.

—“The only oil transported in and out of Venezuela will be through legitimate and authorized channels consistent with U.S. law and national security.” That implies the U.S. will not allow oil shipments going to China, Cuba or other countries that have been buying Venezuela oil at discounted or subsidized prices.

—The Trump administration will “selectively” roll back sanctions against Venezuela’s state-owned oil company, PDVSA, “to enable the transport and sale of Venezuelan crude and oil products to global markets.”

—“U.S. diluent (light crude oil) will flow into Venezuela, as required, to mix, upgrade, and optimize the production and transport of Venezuela’s very heavy (high viscosity) crude oil.”

—To modernize and upgrade Venezuela’s crumbling oil industry, the U.S. will authorize the import of oil field equipment, parts and services “to immediately offset decades of production decline and drive near-term growth.” The document says this will involve investments and technology transfers from American and other international energy partners.

—The U.S. will also work to improve the country’s electrical grid.

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