Venezuela Crisis: US President Donald Trump made a big announcement regarding Venezuela on Tuesday. He told on his social media platform Truth Social that the interim government of Venezuela will sell 30 to 50 million barrels of high quality oil to America. According to Trump, America will get this oil only at market price.

Donald Trump said that he will have control over the money received from the sale of oil and this amount will be used in the interest of the people of both the countries. He also said that he has instructed Energy Secretary Chris Wright to immediately implement this plan. The oil will be transported directly to America’s unloading docks and ports via storage ships.

Statement issued by the White House

Meanwhile, the White House has informed that an important meeting will be held in the Oval Office on Friday regarding the oil business related to Venezuela. Senior officials of big American oil companies like Exxon, Chevron and ConocoPhillips can attend this meeting. It is believed that Venezuela’s oil deal and future strategy will be discussed in detail in this meeting.

US President Donald J Trump posts, “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of high-quality, sanctioned oil to the United States of America. This Oil will be sold at its market price, and that money… pic.twitter.com/m48isFvX8W

— ANI (@ANI) January 7, 2026

Venezuela has oil reserves

Venezuela has the world’s largest crude oil reserves, yet it produces an average of only 1 million barrels of oil per day. If we compare this with America, in October America was producing an average of 13.9 million barrels of oil per day. If America buys 1 barrel of oil for about $56, then according to Trump’s plan, Venezuelan oil will be worth about $2.8 billion.

US President Donald Trump has announced on Monday that he will put heavy tariffs over the countries buying gas and oil from Venezuela. While his move can affect India and China on the one hand, on the other hand there can be huge tension in global trade.

Donald Trump wrote on his Truth Social and said- Vejazuel, America and the freedom that they support. Therefore, any country that purchase oil from Venezuela will have to pay 25 percent tariff on business from America. President Trump accused Vejazuela that he was deliberately sending violent people to America.

Since Trump has returned to the White House in January, he has been continuously using tariffs as a weapon to increase economic and diplomatic pressure against his colleagues and opponents.

The proposal to impose a proposed 25 per cent tariff on the buyer directly or individually from Venezuela could be affected from April 2 after the instructions of Trump. Now this decision to implement is above the Foreign Minister, who will consult other American agencies before implementing this tariff.

What will be the effect on India?

This tariff imposed by the US can affect both India and China, as both countries buy oil from Venezuela besides America and Spain. Last year i.e. in 2024, India purchased 22 million barrel oil from Venezuela, which is about one and a half percent of India’s total crude oil purchases.

In December 2023, the import of crude oil of around 191,600 barrels per day was increased from New Delhi, which increased to more than 254,000 next month. In January 2024, about half of the total Venezuela oil exports (about 557,000 BPD for a month) was importing from India.

Also read: American team visited India from today amid tariff controversy, experts warned