Secretary of State Marco Rubio stated on Wednesday that a plan to seize and sell up to 50 million barrels of Venezuelan oil is aimed at giving the Trump Administration “substantial leverage” to stabilize the country following last weekend’s U.S. operation that removed President Nicolás Maduro from power.
After a classified briefing for the full Senate, Rubio told reporters at the Capitol that the oil would be sold on the open market at current prices, with the U.S. overseeing the proceeds rather than Venezuela’s “interim” authorities. The aim, he said, is to prevent corruption and ensure the funds benefit ordinary Venezuelans.
“We will take between 30 and 50 million barrels of oil,” Rubio said. “We will sell it on the market at market rates, not at the discounted prices Venezuela was receiving. This money will then be managed in a manner where we control its distribution to benefit the Venezuelan people—not corruption, not the regime.”
Rubio’s remarks provided the most detailed public breakdown yet of the Administration’s Venezuela plans, outlining how the U.S. intends to use control over the country’s oil revenue to shape its future. He framed the oil initiative as the first phase of a broader three-step strategy for Venezuela: stabilization, recovery, and transition. The Administration is starting with stabilization, Rubio noted, because “we do not want the country to descend into chaos.”
When asked about the cost to U.S. taxpayers, he responded, “It will not cost us anything.”
The comments came as the U.S. military significantly increased pressure on Venezuela’s oil exports. On Wednesday, vessels carrying Venezuelan crude—including a Russian-flagged ship that had evaded U.S. authorities for weeks—were targeted. One vessel was intercepted in the North Atlantic between Scotland and Iceland for violating U.S. sanctions, while another—a stateless “dark fleet” tanker—was captured in international Caribbean waters and escorted to the United States.
Together, the tanker seizures and what Rubio has termed an American “quarantine” of Venezuelan oil are meant to cut off exports that have long been the country’s primary revenue source. If the U.S. ultimately gains control of 30 million to 50 million barrels—roughly two months of Venezuela’s typical production—it would be valued at an estimated $1.8 billion to $3 billion at current prices. What Venezuela would receive in return remains unclear.
Rubio confirmed that Venezuela’s interim leadership wants the cargo from one of the seized tankers to be included in the broader oil agreement.
“They recognize that the only way to move oil, generate revenue, and avoid economic collapse is by cooperating and working with the United States,” he said, adding that the administration was “on the verge of finalizing a deal.”
During the recovery phase, Rubio said the Trump Administration aims to ensure “American, Western, and other companies have fair access to the Venezuelan market” while initiating a process of national reconciliation. This would involve amnesty for opposition figures, releasing political prisoners, and efforts to rebuild civil society, he noted. The final phase would be a transition led by Venezuelans themselves.
“Ultimately, transforming the country will be up to the Venezuelan people,” Rubio said, adding that “more agreements” with the interim government were anticipated, though he declined to provide specifics.
Inside the Senate briefing room, Administration officials elaborated on these plans in greater detail, according to lawmakers from both parties. However, reactions were divided. Republican Senators largely praised the strategy and the leverage created by the oil crackdown. Sen. Roger Marshall of Kansas said the “key leverage” lay in controlling the flow of oil and money. Sen. Josh Hawley of Missouri called Rubio’s discussion of phased plans “informative,” though he declined to expand on his comments.
Democrats were far more critical. Sen. Chris Murphy of Connecticut labeled the plan “reckless” and stated that the Trump Administration is “proposing to permanently seize Venezuela’s oil by force and use that leverage to control the country.” Sen. Peter Welch of Vermont warned that history shows regimes often impose severe hardship on their own citizens to retain power.
Senate Minority Leader Chuck Schumer said he was “completely unsatisfied” with the Administration’s responses, accusing it of relying on “the most untrustworthy and corrupt individuals” to help govern Venezuela and warning the strategy was “rife with danger.”
“The American people deserve answers,” Schumer said while calling for public hearings. “They are avoiding all public discussion, speaking to us in this SCIF [Sensitive Compartmented Information Facility] where we didn’t even get adequate responses to our questions.”
Beyond Washington, conditions in Venezuela remain tense. Armed pro-government militias have been deployed across Caracas in recent days, with residents reporting interrogations and phone searches for signs of support for the U.S. intervention, according to a Venezuelan journalist in Caracas who spoke with TIME.
At the White House, press secretary Karoline Leavitt noted growing private-sector interest in Venezuela’s oil industry as the Administration collaborated with the interim government.
“There is significant private sector involvement underway,” Leavitt said, adding that Energy Secretary Chris Wright was meeting with oil executives and would host further discussions at the White House later this week. She stated President Trump was expected to meet with oil industry leaders on Friday to discuss what she called “the enormous opportunity facing these oil companies at present.”
Leavitt said Trump remains open to using additional military force in Venezuela if remnants of Maduro’s government now governing the country fail to comply with his demands. “As you know, there are currently no troops on the ground in Venezuela,” Leavitt said, adding, “Diplomacy is always the first option. As seen, he attempted diplomacy with Nicolás Maduro, but unfortunately, Maduro is an illegitimate dictator and uncooperative.”
The use of armed pro-government militias in Venezuela to find and intimidate those supporting Maduro’s removal “would not align” with Trump’s expectations for the interim government, Leavitt said.
