US President Donald Trump has said Venezuela’s interim authorities will transfer between 30 million and 50 million barrels of sanctioned oil to the United States, describing the plan as mutually beneficial for both countries.
In a social media post, Mr Trump said the oil would be sold at market prices and that he would personally oversee the use of the proceeds. According to him, the revenue would be directed toward initiatives benefiting both the Venezuelan and American people.
The announcement follows recent US military action in Venezuela that led to the capture of Venezuelan leader Nicolás Maduro. Trump has repeatedly said the US is now setting the terms in Venezuela, including on oil, trade and security.
“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 said in a post 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 added.
Trump said he had directed Energy Secretary Chris Wright to “execute this plan, immediately,” adding that the oil “will be taken by storage ships, and brought directly to unloading docks in the United States.”
CNN said it had reached out to the White House for further details. A senior administration official, speaking on condition of anonymity, told the network that the oil had already been produced and stored in barrels, with most of it currently on vessels that would now be diverted to US Gulf Coast facilities for refining.