Trump Calls Venezuela Emerging Energy Partner, Says Oil Revenue Being Safeguarded Under US Oversight

Washington, May 2026 : US President Donald Trump on Wednesday described Venezuela as an emerging strategic energy partner of the United States, saying the South American nation was undergoing a major transformation in its oil sector after years of sanctions, economic collapse and diplomatic tensions.

Speaking during a Cabinet meeting at the White House, Trump said relations with Venezuela had improved significantly and claimed that the country’s oil industry was being “professionalised” under a new framework involving US oversight and financial monitoring.

“We’re getting along very well with Venezuela,” Trump said. “It’s being run really beautifully.”

He said Venezuela was progressing through what he described as a structured “three-phase process” involving stabilisation, recovery and transition of its energy sector. According to Trump, more than 10 million barrels of Venezuelan crude oil had already been delivered to the United States since January 3, marking what he called a rapid turnaround in bilateral energy cooperation.

Trump also claimed that revenues from Venezuelan oil sales were being deposited into accounts held in the United States and monitored by the Treasury Department, with auditing support from global accounting firm KPMG. He argued that this arrangement ensured transparency and prevented corruption.

“For the first time ever, the money is not being stolen,” Trump said. “It’s going to the benefit of the Venezuelan people.”

He added that the financial structure was designed to ensure that oil proceeds were protected and managed in a way that prevented misuse by intermediaries or corrupt networks, while still supporting economic recovery efforts in Venezuela.

US Defence Secretary Pete Hegseth said Venezuela had become an increasingly important partner in Washington’s broader strategy on energy security and regional stability. He said cooperation with Caracas also played a role in counter-narcotics operations and efforts to strengthen US influence across the Western Hemisphere.

“Venezuela is a big part of securing our energy future and defending the homeland,” Hegseth said.

He further noted that US Southern Command personnel had recently arrived at the American embassy in Venezuela in what he described as a peaceful deployment, part of a wider engagement strategy combining security coordination and energy diplomacy.

Trump linked Venezuela’s rising oil output to global energy stability at a time of volatility in international markets, particularly amid tensions involving Iran and shipping routes such as the Strait of Hormuz. He argued that increased supply from both the United States and Venezuela would help bring down global fuel prices.

“We have more oil now being produced—by two times—than Russia and Saudi Arabia combined,” Trump said, reiterating his administration’s focus on energy dominance.

US Interior Secretary Doug Burgum credited Trump’s energy policies for expanding production both domestically and abroad. He said the administration’s approach had increased lease activity, boosted drilling operations, and strengthened overall supply chains.

Burgum added that Venezuelan crude being processed at US Gulf Coast refineries was already contributing to stabilising petrol prices. He called the shift “a major geopolitical realignment,” arguing that energy influence was moving toward the Western Hemisphere.

Trump also criticised Cuba, calling it “poorly run” and warning that instability in the Caribbean region remained a concern for US national security. In contrast, he said Venezuela’s resource base made it a key partner for long-term cooperation.

He further predicted that Venezuela, which holds some of the world’s largest proven oil reserves but has suffered years of economic decline, could become “amazing” once its resources were fully developed under the new arrangement involving international investment and US oversight.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)