President Donald Trump has announced that Venezuela will hand over between 30 and 50 million barrels of sanctioned oil to the United States
The crude, which has been kept in storage due to Washington’s embargo on Venezuelan exports, will be sold at market prices. Trump said he would personally oversee the revenues to ensure the funds benefit both Venezuelans and Americans.
Trump added that he has instructed Energy Secretary Chris Wright to implement the plan “immediately.” “It will be taken by storage ships and brought directly to unloading docks in the United States,” he wrote on Truth Social.
The announcement follows Trump’s vow to reclaim Venezuela’s oil reserves and revive the country’s struggling energy sector after his administration removed President Nicolás Maduro. He also stated that U.S. oil companies are ready to invest billions of dollars to rebuild Venezuela’s aging infrastructure and exploit its reserves, which he has claimed were “stolen” from the United States.
Under international law, the U.S. has no claim to Venezuelan oil, though Hugo Chávez previously nationalized the country’s oil sector, seizing assets belonging to American firms. Chevron, Exxon Mobil, and ConocoPhillips—the three largest U.S. oil companies—have yet to publicly comment on Trump’s plan, though company representatives are reportedly scheduled to meet with the president on Friday.
Experts say the impact on global oil markets is likely to be limited. Even 50 million barrels would represent only a small boost to global supply, with worldwide consumption exceeding 100 million barrels per day and the U.S. producing about 14 million barrels daily.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
OKAY