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U.S. President Donald Trump says that Venezuela will be turning over between 30 million to 50 million barrels of oil to America following the dramatic takeover of the South American country.

In a social media post, Trump said that the oil will be sold to the U.S. at market prices, "and that money will be controlled by me, as President of the United States of America."

Trump added that the oil will be taken from Venezuela by storage ships and brought directly to unloading docks in the U.S.

U.S. crude futures declined 1.3% to $56.39 U.S. per barrel immediately after Trump's announcement.

News of the oil sale comer three days after U.S. forces captured Venezuelan President Nicolas Maduro in Caracas, gaining control of the South American country and its oil reserves.

Trump has said that the U.S. will "run" Venezuela for the foreseeable future.

Media reports say that Trump plans to meet with major U.S. oil companies Chevron (NYSE: $CVX ), ConocoPhillips (NYSE: $COP ), and ExxonMobil (NYSE: $XOM ) to discuss making investments in Venezuela's oil sector.

Trump has said that U.S. oil companies will invest billions of dollars to rehabilitate Venezuela's aging and decrepit energy industry.

However, the oil companies have so far been largely silent on the matter. Chevron is currently the only U.S. oil company that operates in Venezuela.

Chevron's stock has risen 3% so far in 2026 to trade at $156.54 U.S. per share.