Oil prices fell in Asian trading on Wednesday as United States President Donald Trump claimed Venezuela would export 30 to 50 million barrels of oil to the U.S.
Brent crude prices had dropped 0.9% to US$60.17 per barrel by 2 pm AEDT (3 am GMT) while West Texas Intermediate was down 1.2% to $56.42.
“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,” Trump wrote on Truth Social. Venezuela has not yet publicly commented.
Trump wrote that the oil would be sold at market prices and he would control the funds.
Venezuela has been selling Merey crude at around $22 below Brent crude. Its oil output averaged roughly 1.1 million barrels per day in 2025 and, despite its large reserves, it produces less than 1% of global oil supply.
Trump has also been urging major U.S. oil companies to invest to boost Venezuela’s oil output after the U.S. launched a strike on Venezuela and seized its president over the weekend.
The administration plans to discuss potential investments with oil majors’ executives this week. Chevron, ExxonMobil, and ConocoPhillips have not yet spoken with the administration about the attack, Reuters reported.
“Most Venezuelan crude is high-sulfur and heavy, making it costly and technically challenging to transport and refine compared with light, sweet grades. Years of mismanagement and chronic underinvestment have further hollowed out the industry,” wrote BloombergNEF oil analyst Tai Liu.
“Any meaningful recovery would require time, large-scale infrastructure rebuilding, and billions of dollars in capital — along with sustained involvement from international oil companies. Securing that level of commitment remains a tall order as oil majors prioritise more competitive, lower-risk projects elsewhere.”
