Venezuela to Turn Over $2 Bn Worth of Crude to the US

What seemed to have started as just a mission to overthrow the leadership of Venezuela has now turned into one of the most lucrative business opportunities the US has had in recent memory. Caracas and Washington have reached an agreement to export $2 billion worth of crude oil from Venezuela to the USA. This does more than just give the US a new source of oil and Venezuela a new consumer of its sanctioned oil, but it also diverts supplies from the People's Republic of China.

This agreement is a strong sign that the Venezuelan interim government is responding well to Trump’s demand to let American oil companies into their oil industry or risk more military intervention. To top it all off, President Trump said that he wants the interim president, Delcy Rodriguez, to give the US and private companies full access to the Venezuelan oil industry.

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Venezuela has had millions of barrels of crude oil loaded onto tankers and stored in tanks, but it hasn’t had an opportunity to sell it since Trump imposed sanctions in mid-December. However, now, according to Trump, Venezuela will be ‘turning over’ about 30 to 50 million barrels of oil to the US. Although Trump has said this purchase will be made at market price, the details of the arrangement are still under wraps.

In a statement made on a social media post, Trump said, “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.”

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