US President Donald Trump announced that interim authorities in Venezuela will transfer between 30 million and 50 million barrels of oil to the United States. The crude, currently in storage and subject to US sanctions, will be sold at market prices, he said.
Trump posted the announcement on his social media platform, characterising the plan as an effort to benefit both Venezuelan and American people. He said he instructed Chris Wright, the US energy secretary, to implement the plan “immediately.”
Sale Proceeds and Oversight
According to Trump, the revenue from selling the oil will be managed to ensure it benefits citizens of both countries. He said the oil will be transported by storage ships to US ports.
Trump has previously pledged to “take back” Venezuela’s oil resources and revive the country’s struggling energy sector. The announcement comes shortly after US forces captured Venezuelan leader Nicolás Maduro, in a controversial military operation.
Industry and Analyst Response
Energy analysts say uncertainties remain over the impact and timeline of the proposed oil transfer. The volume’s significance will depend on how quickly the barrels are delivered and sold, experts note. AP News
Some observers have questioned Trump’s claim that he will oversee the distribution of revenues, noting that there is little precedent for such control in international oil sales. Forbes
Oil Sector Challenges and Investment
Trump has said that US oil companies stand ready to invest in rebuilding Venezuela’s oil infrastructure, though major firms like ExxonMobil, Chevron and ConocoPhillips have not publicly confirmed plans. Media reports indicate representatives from these firms are expected to meet with Trump to discuss future involvement. Fox News
Despite this optimism, analysts caution that restoring Venezuela’s oil production to previous levels would require years of work and massive investment. Estimates suggest tens of billions of dollars are needed to raise output significantly.
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