Trump said the oil, which has been held in storage because of Washington’s embargo on Venezuelan exports, would be sold at market prices, with the proceeds managed by him to ensure the funds are used for the benefit of both the Venezuelan people and the United States
United States President Donald Trump has said Venezuela will hand over between 30 million and 50 million barrels of oil that are currently under US sanctions.
Trump said the oil, which has been held in storage because of Washington’s embargo on Venezuelan exports, would be sold at market prices, with the proceeds managed by him to ensure the funds are used for the benefit of both the Venezuelan people and the United States.
Trump added that he had instructed Energy Secretary Chris Wright to implement the plan “immediately.”
He said the oil would be loaded onto storage ships and transported directly to unloading terminals in the United States, writing on his Truth Social platform on Tuesday.
The announcement follows Trump’s pledge to “take back” Venezuela’s oil reserves and revive the country’s struggling energy sector after his administration’s abduction of Venezuelan President Nicolas Maduro.
Trump has said US oil companies are ready to invest billions of dollars to rebuild Venezuela’s deteriorating infrastructure and tap into its oil reserves, which he has falsely claimed were “stolen” from the United States.
Under international law, the US has no ownership claim to Venezuela’s oil, although former president Hugo Chávez did seize assets belonging to American companies as part of his nationalisation of the industry.
Chevron, Exxon Mobil and ConocoPhillips the three largest US oil companies have not publicly commented on Trump’s plans. However, US media reports say company representatives are expected to meet with the president on Friday to discuss Venezuela.
Venezuela was once among the world’s leading oil producers, but US sanctions and years of underinvestment, mismanagement and corruption under the governments of Maduro and Chávez have left the industry a fraction of what it once was.
Although the country holds the world’s largest proven oil reserves, its current production represents less than 1 percent of global supply.
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