"Global oil prices have fallen by more than 1% after Donald Trump said Venezuela would hand over 30m to 50m barrels of the country's blockaded crude to the US. The deal would give the US president the power to sell up to $3bn (2.2bn) worth of Venezuelan crude stranded in tankers and storage facilities into an already oversupplied global market."
"In a post on his Truth Social platform, Trump said: 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 It will be taken by storage ships, and brought directly to unloading docks in the United States. Trump has said he wants Venezuela's interim president, Delcy Rodriguez, to give the US and private companies total access to Venezuela's oil industry."
The United States intends to take 30–50 million barrels of Venezuela's blockaded crude and sell up to $3bn of that oil into global markets. The planned sales risk further depressing already oversupplied oil markets after prices fell sharply last year. Brent crude fell to just over $60 a barrel and US oil to $56.44 a barrel amid the announcement. China receives about 80% of Venezuela's crude exports, raising the prospect of disrupted supplies and higher prices for Beijing. China’s foreign ministry condemned the US demands as violations of sovereignty and international law. The plan names a US energy official to execute the seizures and calls for Venezuelan access for US and private firms.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]