Venezuela Set To Transfer US$2 Billion Worth Of Oil To United States

United States President Donald Trump has said Venezuela will be “turning over” US$2 billion worth of Venezuelan crude to the United States.

In an online post, Trump asserted that as President, he will oversee the funds to ensure they benefit both the people of Venezuela and the United States. He wrote:

“I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.

“This Oil will be sold at its Market Price, and 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!

“I have asked Energy Secretary Chris Wright to execute this plan, immediately.

“It will be taken by storage ships, and brought directly to unloading docks in the United States. Thank you for your attention to this matter!”

Venezuela has millions of barrels of oil loaded on tankers and stored in facilities that it has been unable to transport due to a blockade established by the Trump administration.

This blockade is part of a broader pressure campaign that led to the removal of Nicolás Maduro, who was taken from the country by U.S. forces over the weekend.

Venezuelan officials have characterized Maduro’s removal as a kidnapping and have accused the U.S. of attempting to seize the nation’s substantial oil reserves.

However, the agreement suggests that the Venezuelan government is responding to U.S. requests for greater cooperation with American oil companies to avoid potential military intervention.

Trump has said he wants interim president Delcy Rodríguez to grant U.S. and private companies “total access” to Venezuela’s oil industry. U.S. Energy Secretary Chris Wright is tasked with overseeing this deal.

According to Trump, the oil will be extracted from ships and shipped directly to U.S. ports. Supplying the stranded crude to the U.S. may require adjustments to cargoes originally designated for China, as Venezuela has relied on China as its primary buyer over the past decade, particularly following U.S. sanctions on oil trade in 2020.

Following Trump’s announcement, U.S. crude prices fell by more than 1.5%, with expectations that the agreement could increase the volume of Venezuelan oil exported to the U.S.

More: The Guardian