"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 his social media network 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."
"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. Oil prices dropped on the news, with West Texas Intermediate (WTI) down 0.7% at $56.73 per barrel at lunchtime UTC/GMT."
"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 to transfer between 30 and 50 million barrels of sanctioned oil to the United States, while the Venezuelan government has not confirmed the deal. Venezuelan oil remains under US sanctions amid accusations of corruption, repression and rigged elections tied to ousted leader Nicolas Maduro. Trump described the transfer as an economic and humanitarian action and said the US would sell the oil at market prices with proceeds controlled directly by him. Few operational details were disclosed; analysts say exports would likely come from stockpiles, and Bloomberg valued the oil at up to $2.8 billion. Oil prices fell modestly after the announcement.
Read at www.dw.com
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