WASHINGTON – US President Donald Trump on Wednesday announced that Venezuela’s interim government would supply between 30 and 50 million barrels of oil to the United States, with the proceeds from the sales to be placed under the control of the US government.
In a statement posted on social media, Trump said the revenue generated from the oil sales would be used for the benefit of the people of both the United States and Venezuela.
The announcement is being widely interpreted as a sign that Venezuela’s interim administration, under sustained US pressure, is prepared to open its oil sector to American companies. Trump has previously urged interim Vice President Delcy Rodríguez, who is now president, to grant the United States and private US firms full access to Venezuela’s oil industry.
According to the reports, Venezuela has millions of barrels of oil stored in tankers and storage facilities, which could not be exported due to US sanctions imposed in mid-December. These sanctions were part of broader pressure measures targeting the country’s oil sector.
Trump said the oil would be sold at prevailing market rates, adding that US Energy Secretary Chris Wright would be responsible for overseeing the implementation of the agreement.
The reports further indicated that, in the initial phase, the oil would be shipped to the United States using cargo vessels that had originally been allocated for deliveries to China.
Following the announcement, the US crude oil prices declined in the international market while the analysts said increased oil supplies from Venezuela could provide relief to US refineries.
