Global oil prices fell more than 1% after former US President Donald Trump said Venezuela would hand over 30 to 50 million barrels of its blockaded crude oil to the US. The deal would allow Trump to sell up to $3 billion worth of Venezuelan oil stranded in tankers and storage. Brent crude fell to just over $60 a barrel on Wednesday, while US oil dropped 1.4% to $56.44. This extra supply threatens to push prices down further, as the world already has more oil than the economy needs. The move also risks disrupting Venezuela’s exports to China, which buys about 80% of its crude. China’s foreign ministry said US demands violate international law and harm Venezuela’s sovereignty. Trump posted on his Truth Social platform: "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... It will be taken by storage ships, and brought directly to unloading docks in the United States." Trump wants Venezuela’s interim president, Delcy Rodríguez, to give the US and private companies full access to the oil industry. US Energy Secretary Chris Wright will oversee the deal, with the oil moved directly from ships to US ports. This plan comes days after an attack in Caracas led to the capture of then president Nicolás Maduro. Trump says US companies will revive Venezuela's oil sector. Executives from Chevron, ConocoPhillips, and ExxonMobil are set to meet Trump to discuss billions in investment. Chevron is the only US oil company still in Venezuela after others had assets nationalized by Hugo Chávez years ago. Trump called that nationalization "the greatest theft in the history of America," saying, "They took our oil away from us... the oil companies are going to go in and rebuild it." However, experts doubt major companies will invest heavily in Venezuela’s unstable politics and low oil prices. Venezuela’s oil output has dropped from 3.5 million barrels per day twenty-five years ago to about 1 million barrels now. Rystad Energy estimates that restoring Venezuela's oil industry needs up to $185 billion and 15 years of work to fix its damaged infrastructure.