US to receive up to 50 million barrels of Venezuelan Oil - Trump announces

President Donald Trump has announced that interim authorities in Venezuela will turn over between 30 and 50 million barrels of oil worth about $2.8bn (£2.1bn) to the United States, a move he says is aimed at benefiting both Venezuelans and Americans.

In a statement posted on his social media platform, Truth Social on Tuesday, Trump said:

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He added that the oil would be sold at market prices and that proceeds from the sales would be controlled by him in his role as president to ensure the funds benefit the people of both countries. 

Mr Trump said he had instructed Energy Secretary Chris Wright to execute the plan immediately and that the oil would be loaded onto storage ships and brought directly to unloading docks in the United States

The announcement follows a controversial period in US–Venezuela relations marked by heightened political tensions and recent military action that led to the removal of Venezuelan leader Nicolás Maduro from power.

Analysts have noted that while Venezuela holds some of the world’s largest crude oil reserves, production has been hampered by years of underinvestment and sanctions, meaning the addition of up to 50 million barrels represents only a modest potential boost to global supply.

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Critics have also raised concerns about the implications of the move for international law and Venezuelan sovereignty, given ongoing disputes over the legitimacy of the interim authorities and the circumstances under which the oil transfer is taking place

The situation remains fluid, with further developments expected as the plan is implemented and stakeholders on both sides assess its economic and geopolitical impact