Venezuela to send 50 million barrels of oil to the US, both nations to benefit: Trump

Washington (The Uttam Hindu): US President Donald Trump said that Venezuela’s interim government will transfer between 30 million and 50 million barrels of sanctioned oil to the United States. According to Trump, this move will serve the interests of people in both Venezuela and the US. Posting on Truth Social, he stated that the oil will be sold at market prices and that he will personally oversee how the revenue is used. He added that the funds will be directed toward the welfare of citizens of both countries.

Trump said he has instructed Energy Secretary Chris Wright to implement the plan immediately. As per the proposal, the oil will be loaded onto storage vessels and transported directly to unloading docks in the United States. He made it clear that the oil will be sold strictly at market rates and that control over the proceeds will remain with the US President.

This announcement comes after recent US military actions that reportedly led to the detention of Venezuelan leader Nicolás Maduro and a change of power in Caracas. Trump has earlier stated that the US will now set terms related to oil, trade, and security matters involving Venezuela.

The statement has drawn global attention as Venezuela holds the world’s largest proven oil reserves. However, oil production there has sharply declined due to sanctions, poor management, and lack of investment. Notably, India was once a major buyer of Venezuelan oil but stopped imports in 2019 following US sanctions, increasing its dependence on oil from the Middle East, Russia, and the United States.

If such a large volume of Venezuelan oil is shipped to the US, it could alter global crude oil flows. Venezuela’s heavy crude is considered suitable for refineries along the US Gulf Coast, which previously relied on imports from Latin America and Canada.

The plan could also reduce the amount of Venezuelan oil reaching China, currently its largest buyer. Any shift in global oil supply can impact prices and availability, an issue closely watched by countries like India that depend heavily on imported energy.

Trump described the move as both an economic and strategic decision, saying that greater US control over Venezuelan oil would weaken criminal networks and bring stability to the region. He said the plan will be executed without delay.