Trump wants to control income from oil sales himself.Image: Shutterstock
Jan 7, 2026, 10:47 amJan 7, 2026, 10:47 am
US President Donald Trump’s intervention in Venezuela’s oil industry is causing oil prices to fall further.
Trump had announced on his Truth Social platform that the South American country would deliver between 30 and 50 million barrels (159 liters each) to the USA. That’s roughly equivalent to one to two months’ worth of the Venezuelan oil industry’s entire production. Such a move would increase oil supply.
Trump wants to control income from oil sales himself
A barrel of North Sea Brent for delivery in March fell by 56 cents or just under one percent to $60.14 in the morning, after the price had already fallen by almost two percent on Tuesday. The price of a barrel of US WTI for delivery in February fell 73 cents, or 1.3 percent, to $56.40.
Trump announced that he himself would control the revenue from the sale of oil. It was initially unclear in what period of time the amount of crude oil mentioned by Trump would be made available from Venezuela. The oil business is the most important source of revenue and foreign currency for Venezuela’s government. The new leadership in Caracas did not immediately comment on Trump’s announcement. (sda/awp/dpa)