Trump makes big announcement, Venezuela oil exports to restart under US leadership

Washington (The Uttam Hindu): US President Donald Trump has praised an American-led initiative related to Venezuela, saying the process is moving in the right direction and oil exports from the country are expected to resume soon. Speaking to the media at the Oval Office, Trump said the arrangement has been developed with Washington’s support and is progressing well.

Trump stated that leadership handling the Venezuela situation is doing “a very good job” and that coordination with all involved parties has been smooth. He added that several countries around the world are likely to start purchasing Venezuelan oil again, with the United States playing a leading role in the plan.

According to Trump, countries are being invited to participate, and oil shipments are expected to begin under this framework. However, he did not provide details about which nations would be involved, the pricing structure, or the timeline for the restart of exports.

The remarks came during a broader discussion that also covered Iran, Ukraine, and domestic US policy matters. Trump described the Venezuela initiative as a major success and expressed confidence that it would help improve the overall situation. Venezuela holds one of the world’s largest proven oil reserves, but its production has sharply declined over the past decade due to economic crisis, deteriorating infrastructure, and international sanctions.

Meanwhile, political debate has intensified in the United States. Democratic members of the House Oversight and Government Reform Committee have sought explanations from oil trading firms Vitol and Trafigura. Senior Democratic lawmaker and California Representative Robert Garcia raised questions about the companies’ involvement in Venezuelan oil deals.

In a letter, Garcia said an initial oil deal, reportedly valued at around $500 million, could generate significant profits for these firms. He also alleged that financial records show Vitol senior trader John Addison had earlier donated nearly $6 million to Trump’s election campaign, raising concerns about possible conflicts of interest.

Garcia accused the Trump administration of using its position for personal or political gain while misleading the American public and exploiting Venezuela. He further claimed that after Trump allegedly ordered a unilateral move involving the Venezuelan president, the administration made its intention clear about controlling Venezuela’s oil industry and revenues.

The committee is now examining whether oil companies were given advance information about military actions and how profits from Venezuelan oil are being managed.