What Will Happen to Venezuela's 300 Billion Barrels of Crude Reserves As Trump Takes Over Oil Business?

The arrest of Venezuelan President Nicolás Maduro leaves the world's largest proven oil reserves under the de facto influence of the United States. President Donald Trump announced that the US will take over the oil business, raising eyebrows and sparking domestic political battles and international alarm.

As Washington assumes a central role in the governance of Caracas, the global energy market is bracing for a radical transformation of the Venezuelan petroleum sector. A viral TikTok report has highlighted the sheer scale of the prize, noting Venezuela has '300 billion barrels worth of crude reserves'—more than Saudi Arabia—with a potential value of £12.58 trillion ($17 trillion).

'More Than Saudi'

A viral report on TikTok has brought the sheer scale of Venezuela's natural wealth back into the public consciousness. According to Dylan Page, a popular TikToker with 18 million followers, Venezuela has '300 billion barrels worth of crude reserves.' That's reportedly the 'most in the world' and 'more than Saudi.'

The Energy Institute, a research firm, shared the same figure Page mentioned. Venezuela reportedly has the largest oil reserve worldwide, even topping Saudi Arabia, which only has 267 billion barrels.

To make his point clear, Page claimed that if those reserves were sold at £42 ($57) per barrel, Venezuela would make $17 trillion, which is 'nearly the GDP of the entire European Union of 27 countries.'

He also reacted to Trump's statement, where the President announced taking over the oil business in Venezuela. According to Page, the process of getting them out in barrels is 'extremely expensive,' and that's the reason Venezuela is only selling a tiny fraction of it.

He also acknowledged Trump's plan to divide the profits among three entities: the people in Venezuela, the Venezuelan citizens abroad, and the United States. He, however, wondered how the profit would be split and was still unsure if the plan would materialise.

'So that's the plan for Venezuela's oil. Whether that actually happens, we'll see about it,' he concluded.

Trump: 'They Stole Our Oil'

President Donald Trump has been explicit about his intentions for the Venezuelan energy sector, frequently stating that the 'oil business' must be revitalised through American expertise and investment. During a recent briefing, he emphasised that the previous regime had squandered a fortune.

'The oil business in Venezuela has been a bust, a total bust for a long period of time,' Trump said (via BBC). 'We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country.'

Trump also plans to sell oil to other countries, claiming that the Americans built Venezuela's oil industry, but 'they stole our oil,' even calling it the 'largest thefts of American property in the history of our country,' NBC News reported.

Trump made the statement because in the 2000s, former Venezuelan President Hugo Chávez seized billions of pounds worth of assets from American gas companies ExxonMobil and ConocoPhillips without proper compensation. For Trump, the US is just taking back what Americans built.

The Fall of Maduro

The US forces arrested Maduro on Saturday, 3 January, when they executed the Operation Absolute Resolve mission commanded by General Dan Caine, Chairman of the Joint Chiefs of Staff. The operation involved a massive force of over 150 aircraft, including F-22s, F-35s, and B-1 bombers, that led to the capture of Venezuelan leader Nicolás Maduro and his wife, Cilia Flores.

Maduro's apprehension created a power vacuum that the United States has been quick to fill, leading one journalist to speculate that 'there has been an arrangement behind the scenes.' This transition marks the end of a decades-long socialist experiment and the beginning of a period of direct external administration.

As the US continues to manage Venezuela's daily operations, the primary goal remains the transition of the oil industry from a state-controlled entity to a privatised model. This move is expected to face legal and social challenges, yet the administration remains committed to the total restructuring of the Venezuelan state.