Politics

US President Donald Trump announced on Tuesday, January 6, that Venezuela's interim government plans to send between 30 and 50 million barrels of oil to the United States. He stated that the revenue from this oil will be “controlled by me” as the president. Trump shared this information on his Truth Social platform, saying, “The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.” He added that the oil will be sold at market price, and the money will be managed by him to benefit both the people of Venezuela and the US. Following Trump’s announcement, US crude prices dropped by over 1 percent on Wednesday. By 1:14 AM GMT, US West Texas Intermediate (WTI) crude fell by 88 cents, or 1.54 percent, to $56.25 a barrel, continuing a decline from Tuesday when it closed down $1.19, or 2.04 percent. Increasing oil production from Venezuela, which has the largest oil reserves in the world, is a key goal for Trump after US forces captured the country's leader, Nicolas Maduro, during a raid in Caracas on Saturday. After Maduro's arrest, Trump stated that the US would take control of the oil-rich nation, while emphasizing that the US embargo on Venezuelan oil is still in effect. This week, Trump is expected to meet with executives from oil companies at the White House to discuss plans to revive Venezuela’s struggling oil industry. However, oil analysts and industry leaders have expressed doubts about a rapid recovery, noting that Venezuela's damaged infrastructure would need billions of dollars and several years to restore.