"The oil price is dropping today, after Donald Trump declared that Venezuela will send the US between 30 million to 50 million barrels of oil, which will then be sold with the president controlling the proceeds, which could be more than $2bn. Posting on his Truth Social site, Trump declared: 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,"
"Trump's move on Venezuela's oil is attracting criticism. This is confiscatory, imperialistic and there is no justification for it, said Jeffrey Sonnenfeld, a professor at Yale's business school, the Financial Times reports. Sonnenfeld added: There is also no need for this oil as we have a global oil glut. One theory is that unless the oil is moved, Venezuela's production could shut down as the country is running out of space to stash crude due to the US blockage."
Shares in energy companies fell at the start of London trading, with BP down 2.7% and Shell down 1.8%. The FTSE 100 slipped 28 points, or 0.27%, to 10,095 after hitting a record high. Donald Trump declared that Venezuela will send the United States between 30 million and 50 million barrels of oil, to be sold with the proceeds controlled by the president; at $56 per barrel that oil could be worth up to $2.8bn. The announcement pushed oil prices lower. Critics describe the move as confiscatory and unnecessary amid a global oil glut, and millions of barrels remain in storage due to the US blockage.
Read at www.theguardian.com
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