Venezuela rejects Trump's claims to control its oil production

Saturday 10 January 2026 - 11:20

By: Dakir Madiha

Venezuela rejects Trump's claims to control its oil production

Interim Venezuelan President Delcy Rodríguez sharply dismissed President Donald Trump's assertion that Washington would oversee the country's oil output and revenues, accusing the United States of pursuing "energy greed" amid American forces' seizure of a tanker in the Caribbean.

Addressing Venezuela's National Assembly on Wednesday, Rodríguez rebuffed Trump's declaration that the US would supervise sales of 30 to 50 million barrels of Venezuelan crude, with proceeds managed through US-controlled accounts. "We are an energy power," she declared. "This has brought us huge problems because Northern energy greed covets our resources."

The clash erupts days after US forces captured President Nicolás Maduro on January 3 in a military operation, paving the way for Rodríguez's swearing-in as interim leader. Trump then stated Venezuela would ship oil to the US, sold at market prices for an estimated 1.8 to 3 billion dollars, with revenues under American oversight. White House spokesperson Karoline Leavitt confirmed that "all revenues from Venezuelan crude and product sales will first be deposited into US-controlled accounts at globally recognized banks."

Rodríguez ruled out any one-sided deal, insisting Venezuela welcomes energy ties only where "all parties benefit" through commercial agreements. She defended reopening oil trade with the US despite years of strained relations, calling commerce with Washington "neither unusual nor irregular" even after what she termed a "stain" on bilateral ties.

The Trump administration demands Venezuela sever links with China, Iran, Russia, and Cuba, partnering exclusively with the US on oil production, according to senior White House officials speaking to CNN. Secretary of State Marco Rubio outlined a three-phase plan for Venezuela stabilization, recovery, and transition with the US retaining indefinite control over oil sales.

US military forces seized a fifth Venezuelan-linked tanker on Friday, with Coast Guard members boarding the Olina in the Caribbean during a dawn operation. This followed the capture of two others on Wednesday, including the Russian-flagged Marinera in the North Atlantic. Russia condemned the seizures as maritime law breaches and demanded crew releases.

Chevron, the sole major US oil firm still operating in Venezuela, seeks expanded Washington approval to boost crude exports and possibly market portions of state-owned PDVSA's output. Trump plans a Friday White House meeting with oil executives from Exxon and ConocoPhillips to discuss the Venezuelan petroleum sector.