Trump Announces Plan To Sell Venezuelan Oil
3 weeks ago
The United States and Venezuela have agreed to export up to $2 billion worth of Venezuelan crude to U.S. ports, according to President Donald Trump, marking a major shift in Washington’s approach to the country’s sanctioned oil sector.
Trump said Tuesday the U.S. will refine and sell between 30 million and 50 million barrels of Venezuelan oil that had been stranded under U.S. sanctions. He said the oil will be sold at market price, with proceeds intended to benefit people in both countries.
The announcement comes days after a U.S. military operation in Caracas that resulted in the capture of Venezuelan President Nicolás Maduro, who is now being held in New York awaiting federal drug charges.
Venezuelan officials say dozens of security personnel were killed during the operation, while Cuba says 32 of its military and intelligence officers stationed in Venezuela also died. Venezuela’s interim president, Delcy Rodriguez, has declared a week of mourning.
Trump said Energy Secretary Chris Wright will oversee the oil plan, which could be worth nearly $2 billion based on current prices. U.S. officials have not yet outlined the legal framework for transferring and selling the oil.
The White House is expected to meet with U.S. oil executives, including representatives from ExxonMobil, Chevron and ConocoPhillips, to discuss potential investments and rebuilding Venezuela’s oil infrastructure.
The operation and oil plan have drawn international criticism from Russia and China, while U.S. allies have urged adherence to international law. Venezuela’s political future remains uncertain as the U.S. increases its involvement in the country’s energy sector.
Trump said Tuesday the U.S. will refine and sell between 30 million and 50 million barrels of Venezuelan oil that had been stranded under U.S. sanctions. He said the oil will be sold at market price, with proceeds intended to benefit people in both countries.
The announcement comes days after a U.S. military operation in Caracas that resulted in the capture of Venezuelan President Nicolás Maduro, who is now being held in New York awaiting federal drug charges.
Venezuelan officials say dozens of security personnel were killed during the operation, while Cuba says 32 of its military and intelligence officers stationed in Venezuela also died. Venezuela’s interim president, Delcy Rodriguez, has declared a week of mourning.
Trump said Energy Secretary Chris Wright will oversee the oil plan, which could be worth nearly $2 billion based on current prices. U.S. officials have not yet outlined the legal framework for transferring and selling the oil.
The White House is expected to meet with U.S. oil executives, including representatives from ExxonMobil, Chevron and ConocoPhillips, to discuss potential investments and rebuilding Venezuela’s oil infrastructure.
The operation and oil plan have drawn international criticism from Russia and China, while U.S. allies have urged adherence to international law. Venezuela’s political future remains uncertain as the U.S. increases its involvement in the country’s energy sector.
