In a statement shared on Truth Social, Donald Trump said the oil would be collected by storage vessels and transported directly to US unloading docks, where it would be sold at market rates. He added that he would personally oversee the revenue generated from the sales. According to Trump, the operation could be fully functional within 18 months.

Trump stated that the United States is now “in charge” of Venezuela, but said he is willing to work with Delcy Rodríguez, the country’s interim leader, provided she complies with his administration’s demands for access to Venezuela’s oil reserves. He also warned that further military intervention could follow if the interim leadership fails to cooperate.

Rodríguez has rejected Trump’s claims of US control, reinforcing that Venezuela remains sovereign.

“The government of Venezuela is in charge in our country, and no one else,” she said, adding that “there is no foreign agent governing Venezuela.”

state-runHer comments reflect growing tension between the two countries over political authority and resource control.

It has not been made clear whether Venezuela will have access to the proceeds from the oil sales. Sanctions against the country’s state-run oil company remain in place, raising questions about how revenue would be distributed. Despite this, US officials have said the profits from the oil will “undoubtedly benefit” the Venezuelan economy, citing potential fuel price stabilisation and broader economic recovery.

Market analysts suggest the release of Venezuelan oil could impact global energy markets. Michael McCarthy, chief executive of investment platform Moomoo Australia and New Zealand, said the most likely outcome would be a boost to the global economy due to increased oil supply.

Meanwhile, former Venezuelan president Nicolás Maduro has pleaded not guilty in a Manhattan court, declaring himself innocent and stating that he remains the legitimate president of Venezuela. He described himself as a prisoner of war, saying he had been captured and held by an enemy during an armed conflict.

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Trump’s latest declaration has intensified already strained relations between the United States and Venezuela. As developments continue, questions remain over sovereignty, sanctions and what the future relationship between the two countries will look like.