President Trump said late Tuesday that Venezuela, which has the world’s largest proven crude reserves, will release up to 50 million barrels of oil to the US, valued at approximately $2.8 billion at current market prices.
In the announcement, Trump stated that the oil would be sold, with the proceeds shared between the two nations. Trump did not specify the oil’s exact origin.
Trump wrote on Truth Social: “I am pleased 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. This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”
The volumes mentioned by Trump would correspond to roughly 30 to 50 days of Venezuelan oil production before the US’s partial blockade.
Following Trump’s announcement, West Texas Intermediate, the US oil benchmark, dropped as much as 2.4% to now trade near $56 per barrel.
By CEO NA Editorial Staff
