Trump: claims that Venezuela will provide the US with up to 50 million barrels of oil
Trump: In a move that would benefit both Venezuelans and Americans, US President Donald Trump said that interim authorities in Venezuela will transfer between 30 million and 50 million barrels of sanctioned oil to the US.
Trump said in a social media post that he would personally supervise the use of the proceeds and that the oil will be sold at market value. The money would be used to help “the people of Venezuela and the United States,” he said on Truth Social.
According to Trump, he has requested that Energy Secretary Chris Wright implement the idea right now. The president said the oil would be put into storage vessels and flown straight to American unloading facilities.
“This oil will be sold at its market price,” Trump said, adding that the US president would continue to have authority over the revenues.
The declaration comes after recent US military operations in Venezuela that resulted in Nicolás Maduro’s detention and a shift of power in Caracas. Trump has said time and time again that the US is now dictating conditions in Venezuela, particularly those related to trade, security, and oil.
Venezuela has the greatest known oil reserves in the world, but its production has dropped owing to sanctions, poor management, and a lack of investment, thus Trump’s comments immediately attracted attention from across the globe.
Notably, prior to US sanctions forcing Indian refiners to halt imports in 2019, India was one of the biggest consumers of Venezuelan oil. Since then, India has been more dependent on US, Russian, and Middle Eastern oil.
Global petroleum flows might change if Venezuelan oil is sent in substantial quantities to the US. US Gulf Coast refineries, which formerly relied on imports from Canada and Latin America, are ideally adapted to heavy Venezuelan oil.
Under complicated and subsidized trade agreements, China is presently the biggest consumer of Caracas’s petroleum, and if the plan proceeds, it may also limit the quantity of Venezuelan oil that reaches China.
Given India’s significant reliance on imported energy, changes in the world’s oil supply might have an impact on availability and pricing, which are constantly monitored in New Delhi.
The president presented the action as a strategic and economic choice. He has maintained that more US control over Venezuelan oil would stabilize the area and erode criminal networks.
Trump concluded his letter by thanking readers for their attention and writing, “This will be taken immediately.”