Venezuela ‘turning over’ $2bn in oil to US, Trump says, in move that could cut supply to China
AI Summary
Donald Trump announced that Venezuela will be "turning over" $2 billion in crude oil to the United States. Trump stated the funds from the sale, controlled by him, would benefit both the Venezuelan and US people. The deal could divert Venezuelan oil supplies away from China, Venezuela's top buyer since US sanctions in 2020. The agreement follows the capture of Nicolás Maduro by US forces and demands for US access to Venezuela's oil industry. US Energy Secretary Chris Wright will oversee the transfer of oil from ships to US ports. Currently, Chevron is the only company exporting Venezuelan oil to the US under a US authorization, shipping between 100,000 and 150,000 barrels per day. It is unclear if Venezuela will have access to the proceeds due to existing sanctions.
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