Trump Says Venezuela Will Turn Over Up To 50 Million Barrels Of Oil To US

US President Donald Trump said that Venezuela would supply the United States with between 30 million and 50 million barrels of oil, claiming the revenue from the sale would benefit both Americans and Venezuelans. The announcement through a social media post came just three days after US forces detained Venezuelan President Nicolás Maduro and his wife in Caracas and flew them to New York, where they are set to face a federal drug conspiracy indictment.

Trump said the oil would be sold at prevailing market prices and that he would personally oversee how the proceeds are handled. He added that he had directed Energy Secretary Chris Wright to move ahead with the plan “immediately”. According to a Wall Street Journal report published Tuesday, Trump is scheduled to meet leaders of major US oil companies, including Chevron, ConocoPhillips and Exxon Mobil, on January 9 to discuss potential large-scale investments in Venezuela’s oil sector. While none of the companies have publicly commented on Trump’s proposal, US media reports say representatives from all three are expected to attend the meeting.

Although Venezuela holds the world’s largest proven crude reserves, its oil industry has struggled for years. Current production stands at around one million barrels per day, a fraction of the nearly 14 million barrels the United States was producing daily as of October. Venezuelan government officials have so far not responded to Trump’s remarks, and there is still no clarity on when the oil deliveries would begin or over what time period they would take place.