Trump: US will receive up to 50 million barrels of oil from Venezuela
Trump claims that with a regime transition, Venezuela will give the US up to 50 million barrels of oil.
Following a military operation that ousted President Nicolás Maduro, US President Donald Trump has stated that Venezuela “will be turning over” up to 50 million barrels of oil, valued at around $2.8 billion (£2.1 billion), to the US.
Trump declared that he would manage the earnings from the sale of the oil at market value and use them for the mutual benefit of both nations. He predicted significant investment and said that the US oil industry will be “up and running” in Venezuela in 18 months.
“I am happy to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” Trump wrote in a post on Truth Social on Tuesday.
“This oil will be sold at its market price, and as President of the United States of America, I will control that money to make sure it is used to benefit the people of the United States and Venezuela!”
His remarks came after Delcy Rodríguez, the former vice president of Venezuela, was sworn in as interim president. Maduro has been brought to the United States to face charges of weapons trafficking and narcotics trafficking.
“Having a Venezuela that is an oil producer is good for the United States because it keeps the price of oil down,” Trump stated to NBC News on Monday.
According to CBS, the BBC’s US partner, representatives from significant US oil corporations are scheduled to meet with the Trump administration this week. However, economists previously told the BBC that it may take up to ten years and tens of billions of dollars to restore Venezuela’s oil output, limiting any immediate influence on world supplies and pricing.
Trump has claimed that American companies are capable of fixing Venezuela’s oil infrastructure. The nation possesses the greatest proven resource in the world, estimated at 303 billion barrels, but since the early 2000s, output has been dropping. The only US company now doing business in Venezuela is Chevron, and the country’s oil is heavy and expensive to refine.
According to Chevron spokesman Bill Turenne, the firm “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets,” and it “continues to operate in full compliance with all relevant laws and regulations.”
Although the company “is monitoring developments in Venezuela and their potential implications for global energy supply and stability,” ConocoPhillips spokesperson Dennis Nuss cautioned that it would be premature to make any predictions about future commercial ventures or investments. Requests for comment from Exxon were not immediately answered.
