Trump says Venezuela will turn over up to 50 million barrels of oil and he will control money that goes to US and Caracas
Donald Trump announced a deal with the Venezuelan regime to give the United States 30 to 50 million barrels of oil.
The president has openly stated that the military operation to depose leader Nicolas Maduro this past weekend was, in part, an attempt to extract some of oil-rich Venezuela’s stock.
‘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,’ he posted to Truth Social.
Acting President Delcy Rodriguez previously served as Maduro’s Minister of Petroleum and Hydrocarbons.
Trump also announced that he will be in control of the money made off sales of the oil.
‘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!’
Trump has placed Energy Secretary Chris Wright in charge of executing the plan which is scheduled to begin immediately.
‘It will be taken by storage ships, and brought directly to unloading docks in the United States,’ he wrote.
Donald Trump announced a deal with the Venezuelan regime to give the United States 30 to 50 million barrels of oil.
The president has openly stated that the military operation to depose leader Nicolas Maduro this past weekend was, in part, an attempt to extract some of oil-rich Venezuela’s stock
Trump also announced that he will be in control of the money made off sales of the oil
Separately, the White House is organizing an Oval Office meeting Friday with oil company executives regarding Venezuela, with representatives of Exxon, Chevron and ConocoPhillips expected to attend, according to a person familiar with the matter who requested anonymity to discuss the plans.
The Daily Mail has reached out to Secretary Wright for comment.
Venezuela holds 303 billion barrels of proven oil – nearly a fifth of the global total – most of it heavy, sour crude locked in the Orinoco Belt.
Yet years of mismanagement, corruption, and US sanctions have slashed production from 3.5million to 1.1 million barrels per day, less than 1 percent of global supply.
The Trump administration has made clear that oil sits at the center of Washington’s Venezuela strategy, after the sensational arrest of Maduro.
Chevron is expected to gain first access, with ExxonMobil and ConocoPhillips promised future contracts.
If production ramps steadily, the impact on American households could be substantial over the coming years, according to veteran oil expert Tony Franjie.
Cheaper crude lowers transportation costs, easing airline tickets, trucking, and groceries.
‘Lower gasoline prices, lower airfare – this is going to be great for the US consumer,’ said Franjie, a 26-year energy industry analyst at Texas-based SynMax Intelligence.
Franjie forecasts crude could fall below $40 a barrel and gasoline could dip to around $2.50 a gallon, down from $2.80.
The type of oil in Venezuela is thick, dirty and expensive to process – but that is where Franjie sees America’s edge.
This is a developing story.
