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Trump says US has large amounts of oil from Venezuela, Cuba at ‘end of the line’

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President Donald Trump declared on Saturday that the United States was “extracting a tremendous amount of oil” from Venezuela, while promising to “deal with” the Cuban regime after America focused on Iran.

Speaking at the Inter-American Shield Summit in Florida, the president began his remarks by saying that the administration has “worked closely with Venezuela’s new president, Delcy Rodríguez” since the operation to capture former Venezuelan dictator Nicolás Maduro in January and that he “has done a great job working with us.”

“And we’re extracting a tremendous amount of oil. They’re making more money right now than they’ve ever made. We have major oil companies. They’re making more money, we’re getting some,” Trump said. “They’re making a lot of money. They’re making more money now than they’ve ever made in the history of their country.”

Trump continued: “And I’m pleased to say this week that we officially recognized the government of Venezuela. In fact, we recognized them legally. We also reached a historic gold agreement called the gold agreement with Venezuela, which allows our two countries to work together to facilitate the sale of Venezuelan gold and other minerals.” License issued by the Department of Treasury On Friday, individuals and companies from Iran, North Korea, Russia and Cuba were banned from doing business with Venezuela’s state-owned gold mining company Minerven, among other measures.

President Donald Trump attended the Inter-American Shield Summit on Saturday, March 7, 2026. (Kevin Lamarque/Reuters)

Trump also said, “As we achieve historic transformation in Venezuela, we also look forward to the great change that will soon come to Cuba. Cuba is at the end of the line.” “They are at the very end of the line. They have no money, they have no oil. They have a bad philosophy. They have a bad regime that has been bad for a long time. And they were getting the money from Venezuela. They get the oil from Venezuela, but they don’t have the money from Venezuela. They don’t have the oil,” Trump added.

In January, Trump declared a national emergency on Cuba through an executive order and accused the communist regime of collaborating with hostile foreign powers and terrorist groups as it moved to punish countries that supply the island nation with oil.

MILLIONS LOST POWER IN CUBA AS TRUMP SANCTIONS CONTINUE TO BLOCK THE ONGOING ENERGY CRISIS

World leaders gather for the Inter-American Shield Summit

President Donald Trump, center, Dominican Republic President Luis Abinader, second from left, Argentine President Javier Milei, El Salvador President Nayib Bukele, Guyana President Mohamed Irfaan Ali, Costa Rican President Rodrigo Chaves Robles, Bolivian President Rodrigo Paz and Chile’s president-elect Jose Antonio Kast pose for a family photo during the Inter-American Shield Summit in Doral, Florida. Saturday, March 7, 2026. (Kevin Lamarque/Reuters)

Trump said on Saturday that Cuba ” [Secretary of State] marco [Rubio] and me and a few others. “And I think a deal can be made very easily with Cuba.”

“But Cuba is living the last moments of its life as it was before. It will have a new and wonderful life, but it is also living the last moments of its life as it is now,” the President added.

The State Department described the Inter-American Shield Summit in Doral as a gathering of “the strongest like-minded allies in our hemisphere to promote freedom, security, and prosperity in our region.”

Trump said America’s “focus right now is on Iran,” but “a lot of you came here today and they’re saying, ‘I hope you can deal with Cuba because you have problems with Cuba, right? You mentioned it.'”