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'Money controlled by me': Trump after 30-50 million barrel Venezuela oil deal
At current prices for the US benchmark West Texas intermediate, the defined volume could reportedly be valued at over $2.8 billion.
US President Donald Trump on Tuesday announced that Venezuela's interim government will turn over 30 to 50 million barrels of sanctioned oil to the United States.
In a post on Truth Social, Trump said that this sanctioned, high-quality oil will be sold at its market price and that the resultant money would be controlled by him as the US President, so as to ensure that it is utilised for the benefit of the people of Venezuela and America.
The Republican leader said he has asked Energy Secretary Chris Wright to execute this plan immediately.
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"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. 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! I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States. Thank you for your attention to this matter!" his post read.
This is Trump's latest move in the aftermath of the capture of Venezuelan President Nicolas Maduro and his wife Cilia Flores from Caracas during a US military operation the previous weekend.
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Before the US blockade in recent days, the volume defined by Trump would be about 30 to 50 days' worth of Venezuelan oil production, Bloomberg reported.
The US itself produces around 13.8 million barrels per day. And at current prices for the US benchmark West Texas intermediate, the defined volume could reportedly be valued at over $2.8 billion.
Trump's decision seems to focus on new and existing production. However, the President has also boasted of Venezuela's massive oil potential. Caracas is sitting on vast reserves of oil, but has witnessed a downward trend in its production from the 1970s high after decades of stress and the exodus of some American oil companies.
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Meanwhile, the White House is reportedly organising a meeting in the Oval Office on Friday with oil company executives to discuss Venezuela, The Associated Press reported, citing people familiar with the matter. The oil executives likely include representatives of Chevron, Exxon, and ConocoPhillips.
Amid the US's push for Venezuela's leaders to open their vast oil reserves to American energy companies, Delcy Rodriguez, the interim president, delivered an address on Tuesday and said, "Personally, to those who threaten me: My destiny is not determined by them, but by God."
