Venezuela to transfer up to 50 million barrels of oil to the US — Trump

Venezuela's interim government will transfer 30 to 50 million barrels of "high-quality" oil to the US, which cannot be exported due to Washington's sanctions, President Donald Trump said in a post on Truth Social. For comparison, Venezuela currently supplies no more than 800,000 barrels per day to the world market, Bloomberg noted. The US itself produces 13.8 million barrels per day.

"This oil will be sold at market price, and the proceeds will be under my control—as President of the United States of America—to ensure that they are used in the interests of the people of Venezuela and the United States! I have instructed Energy Secretary Chris Wright to immediately begin implementing this plan. The oil will be loaded onto storage ships and delivered directly to unloading terminals in the United States," Trump wrote.

Futures for North American WTI crude fell sharply after this publication and traded down more than 1%. At current prices, the volume of oil in question could be worth more than $2.8 billion, according to Bloomberg's calculations .

This article was AI-translated and verified by a human editor