Donald Trump hails Venezuela move, says oil exports to resume

US President Donald Trump said the US-led effort involving Venezuela is making steady progress and that oil exports from the country are expected to resume under an arrangement backed by Washington.

Speaking during an Oval Office interaction, Trump praised the handling of the Venezuela issue, saying the leadership overseeing the process was doing “a very good job” and that the United States was “getting along very, very well” with those involved.

Trump said countries would soon begin lifting Venezuelan oil, with the United States playing a central coordinating role. “We’re inviting countries of the world,” he said. “They’re going to be starting to take the oil.”

Describing the initiative as smooth so far, Trump added, “We’re going to be heading that with the country, and it’s worked out really well.”

However, the president offered few specifics, declining to name the countries expected to participate or explain how the oil arrangements would be structured. He also did not outline a timeline for the resumption of exports or address pricing mechanisms.

Trump’s remarks came during a broader Oval Office session that touched on Iran, Ukraine, and domestic policy. He spoke confidently about the Venezuela initiative, framing it as an early success of his administration’s foreign policy approach.

Venezuela holds some of the world’s largest proven oil reserves, but its production has plunged over the past decade amid economic collapse, decaying infrastructure, mismanagement, and the impact of international sanctions.

Meanwhile, Democrats on the House Oversight and Government Reform Committee on Friday demanded answers from global oil trading firms Vitol and Trafigura over their involvement in the Trump administration’s handling of Venezuelan oil sales.

In a letter to the companies, Representative Robert Garcia of California, the committee’s ranking Democrat, questioned their role in an initial Venezuelan oil sale valued at roughly $500 million, saying both firms stood to reap substantial profits.

Garcia cited campaign finance records showing that Vitol senior trader John Addison had previously donated $6 million to Trump’s campaign, raising concerns about potential conflicts of interest.

“The Trump administration’s shady business dealings regarding Venezuelan oil are being brought to light, and Oversight Democrats have a lot of questions,” Garcia said in a statement.

He accused Trump of using his office to enrich himself while “deceiving the American people and exploiting Venezuela”, and said Democrats would continue pressing for transparency around which companies are benefiting from US foreign policy decisions.

In the letter, Garcia alleged that following unilateral actions by the Trump administration involving Venezuela, the White House signaled its intent to exert control over the country’s oil industry and revenues. He said administration officials subsequently convened oil drilling and trading companies to present what he described as “lucrative opportunities” linked to Venezuelan oil sales.

Garcia also raised concerns about whether any firms received advance notice of US actions and said the committee is seeking detailed information on agreements with the administration and how oil revenues are being managed.

With IANS inputs