Donald Trump in line for $3billion windfall as Venezuela hands over up to 50 million barrels of oil to America

The oil will be sold at market value, with the proceeds managed directly by Mr Trump.

Brent crude is currently priced at around $61 (£45) a barrel, putting the value of Venezuelan oil under the President’s control at roughly $3billion.

Mr Trump confirmed that Energy Secretary Chris Wright has been tasked with orchestrating the plan.

Announcing the transfer on his Truth Social platform, he wrote: "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 will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States.

"I have asked Energy Secretary Chris Wright to execute this plan, immediately.

"It will be taken by storage ships, and brought directly to unloading docks in the United States."

Venezuela has the largest crude oil reserves in the world, with an estimated 300 billion barrels left unused.

This number equates to around 17 per cent of the total reserves on Earth, and three times the amount held by the US.

Venezuelan oil is extra-heavy crude, making it desirable for making diesel, jet fuel and asphalt.

When the President announced a "total blockade" of sanctioned oil tankers departing Venezuela, he said the South American nation had "stole" oil from the US.

He wrote on social media: "We built Venezuela’s oil industry with American talent, drive and skill, and the socialist regime stole it from us during those previous administrations.

"And they stole it through force. This constituted one of the largest thefts of American property in the history of our country."

Mr Trump and senior members of his administration are planning to host a meeting with US oil company chiefs at the White House on Friday, four people familiar with the plans told Politico.

It has been said that the President will be joined by Mr Wright and Interior Secretary Doug Burgum to discuss plans for American companies to enter Venezuela and drill.

The names of the companies involved in the rumoured meeting have not been disclosed.

Although it has not been officially confirmed by the White House, a spokesman for the Energy Department said that Mr Wright “remains in close contact with US oil companies”.

Meanwhile, Secretary of State Marco Rubio has said Venezuela’s oil sector is gathering “dramatic interest from Western companies".

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