Trump says U.S. to receive 50m barrels of oil from Venezuela

President Donald Trump has said that Venezuela will surrender about 30 to 50 million barrels of oil to the U.S. following the capture of President Nicolás Maduro.

President Donald Trump has said that Venezuela will surrender about 30 to 50 million barrels of oil to the U.S. following the capture of President Nicolás Maduro.

Mr Trump on Tuesday announced the development on Truth Social, asserting that the oil will be sold at market price and that both the U.S. and Latin American nations will profit from its proceeds.

“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,” Mr Trump said Tuesday evening. 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!”

At the current market price of about $55 per barrel, the sale of 30 to 50 million barrels of oil  is projected to generate between $1.8 billion and $3 billion.

However, questions remain over how Venezuela, which produces about 800,000 barrels of oil per day largely for domestic consumption, would transfer such volumes to the United States unless Mr Trump planned to draw on Venezuela’s oil reserves, estimated at 300 billion barrels.

Since capturing Mr Maduro and his wife, Cilia Flores, in a military operation on Saturday, Mr Trump said U.S. companies would commandeer Venezuela’s oil sector and sell off its energy assets.