"US President Donald Trump announced Tuesday evening that he has struck a deal with Venezuela's interim authorities for the transfer of a large quantity of oil to the United States. In a post on Truth Social, Trump wrote that the Latin American nation would be "turning over" between 30 and 50 million barrels of "sanctioned oil." The Venezuelan government has yet to confirm the deal. Venezuelan oil is under US sanctions because Washington accuses the government of former leader Nicolas Maduro of corruption, repression and rigging elections."
"Trump framed the deal as both an economic opportunity for both countries and a humanitarian measure, as Venezuelans continue to face severe shortages of food, medicine and basic services due to years of mismanagement and corruption. Trump said the US government would sell the oil at market prices and that the income generated would be controlled directly by him "to ensure it is used to benefit" Venezuelans and Americans."
"Few operational details about the deal were revealed by Trump, or over what period the oil transfer would take place. The oil would most likely come from existing stockpiles, energy analysts said. But 30 to 50 million barrels is the equivalent of one to two months of Venezuelan oil production. Early estimates from Bloomberg suggest the oil could be worth up to $2.8 billion (2.4 billion) at current prices."
Donald Trump announced an agreement with Venezuela's interim authorities for the transfer of 30 to 50 million barrels of sanctioned Venezuelan oil to the United States. The Venezuelan government has not confirmed the arrangement. The oil remains under US sanctions because Washington accuses the Maduro government of corruption, repression and election rigging. Trump said the US would sell the oil at market prices and that he would control the income to ensure it benefits Venezuelans and Americans. Analysts expect the oil would likely come from existing stockpiles and estimate a value up to about $2.8 billion. Oil prices briefly fell after the announcement.
Read at www.dw.com
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