Trump says Venezuela to send US up to 50 million barrels of oil, ‘money controlled by me’
US president declares he will personally control oil proceeds to ‘benefit the people of Venezuela and the United States’
US President Donald Trump said Venezuela would relinquish as much as 50 million barrels of oil to the United States, worth roughly US$2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries.
The announcement on Tuesday marked a significant step up for the US government as it seeks to extend its economic influence in Venezuela and beyond after the US capture of leader Nicolas Maduro on Saturday. After the operation, Trump said that the US would temporarily run Venezuela.
“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 wrote in a social media post.
“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 added.
Trump had previously highlighted the economic potential of the country’s oil industry, saying that major US oil companies would invest billions to repair infrastructure and develop production.