Trump says Venezuela 'turning over' up to 50 million barrels of oil to US
Venezuela's interim government agrees to deal, proceeds 'will be controlled by me': Trump
US President Donald Trump said Tuesday that Venezuela's interim government will deliver up to 50 million barrels of oil to the United States, and that the proceeds "will be controlled by me" as president.
"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," Trump posted on his Truth Social platform.
"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, to ensure it is used to benefit the people of Venezuela and the United States."
The value of 50 million barrels of oil fluctuates with market prices, but using recent benchmarks like Brent crude at ~$75/barrel, it would be roughly $3.75 billion, while with lower prices like WTI at ~$70/barrel, it's around $3.5 billion.
Venezuela, with the world's biggest confirmed oil reserves, shows its massive scale and financial impact of oil markets.
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