President Trump announced Tuesday that Venezuela will sell up to 50 million barrels of oil to the US at “market price” — and that he will control what the South American nation can do with the proceeds from the sale.
“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,” Trump posted on Truth Social.
“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!” he continued.
“I have asked Energy Secretary Chris Wright to execute this plan, immediately.”
Trump said the oil will be “brought directly” to the US docks via storage ships.
Following the Jan. 3 military operation to depose and capture dictator Nicolas Maduro, the president has said he hopes to see more US oil companies enter Venezuela and expand production in the oil-rich nation.
Trump suggested Monday that the US government could reimburse American oil companies for resuscitating Venezuela’s energy industry.
The president told NBC News that he thinks American firms could get Venezuela’s oil fields “up and running” within 18 months.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump said.
“A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue,” he added.
Chevron is the only major US oil company currently operating in Venezuela.
ConocoPhillips and Exxon Mobil both left Venezuela nearly 20 years ago when Maduro’s socialist predecessor, Hugo Chávez, nationalized their assets.
In 2019, Trump blocked US companies from doing business with Venezuela’s state-owned oil enterprise in an effort to pressure Maduro to step aside.
In mid-December, Trump implemented a blockade preventing oil tankers from leaving Venezuela, while threatening to seize ships attempting to evade the blockade.
Energy Secretary Chris Wright is slated to meet with executives from Exxon and ConocoPhillips later this week to talk Venezuelan oil, according to Bloomberg News.
Wright has been tasked with leading the Trump administration’s efforts to rebuild Venezuela’s oil infrastructure, NBC News reported, citing a White House official.
