Trump Announces Venezuela Will Supply the US With as Many as 50 Million Barrels of Oil

Venezuela to Supply Up to 50 Million Barrels of Oil to the US, Trump Announces

According to a recent statement, former President Donald Trump revealed that Venezuela plans to deliver as much as 50 million barrels of oil to the United States. He emphasized that the proceeds from these sales would be used to benefit both nations.

Trump shared on social media that Venezuela’s interim leadership has agreed to transfer between 30 and 50 million barrels of high-quality, sanctioned oil to the US.

Key Highlights:

• The oil will be sold at market value, with Trump stating he would oversee the funds as President to ensure they support the people of both Venezuela and the US.
• Officials from the US Energy Department and the White House have not yet provided further details on the arrangement.
• The proposed volume represents roughly 30 to 50 days of Venezuela’s oil output prior to US sanctions, while the US currently produces about 13.8 million barrels daily.
• At the current West Texas Intermediate benchmark price, the shipment could be worth over $2.8 billion.
• Trump mentioned that the sanctioned oil would be transported by storage vessels directly to US ports, and he has instructed Energy Secretary Chris Wright to implement the plan without delay.

While this initiative focuses on both new and existing oil production, Trump also highlighted Venezuela’s significant oil reserves. Despite possessing vast resources, the country’s output has declined since the 1970s due to years of neglect and the departure of several US oil companies.

Reporting assistance by Josh Wingrove and Rob Verdonck.

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