Trump Announces 30–50 Million Barrels of Venezuelan Oil to Be Supplied to US at Market Price
President Donald Trump announced on Tuesday that the United States would receive 30 to 50 million barrels of oil from Venezuela, to be sold at market price, with proceeds intended to benefit citizens in both countries.
The White House plans to meet on Friday with executives from major U.S. oil companies, including ExxonMobil, Chevron and ConocoPhillips, to explore investment and collaboration in Venezuela’s energy sector.
The announcement comes in the wake of a U.S. military operation in Caracas over the weekend, during which Venezuelan President Nicolás Maduro was captured. Venezuelan authorities reported the deaths of several security personnel, while Cuba confirmed casualties among its military advisers stationed in the country. Several U.S. service members were injured during the raid, though most have since returned to duty.
With oil trading at around USD 56 per barrel, the transfer could be worth up to USD 2.8 billion, though it would cover only a small portion of U.S. daily consumption. Despite holding the world’s largest proven oil reserves, Venezuela currently produces about one million barrels per day.
Trump stated that the proceeds would be managed by the U.S. and used to benefit the populations of both nations. Venezuelan officials have yet to comment. The announcement has raised debate over U.S. involvement in Venezuelan affairs, with public opinion in the U.S. divided over the military operation and subsequent oil agreement.
By RSS/AP
