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President Trump claimed on Tuesday that Venezuela would begin supplying the United States with 30 to 50 million barrels of oil, roughly two months' worth of their daily production. Trump stated he would control the profits from the sale of this oil to benefit both Venezuelans and Americans, though it's unclear what Venezuela would receive in return. The announcement comes amid political and economic turmoil in Venezuela, along with U.S. sanctions. It is also unclear what legal basis the U.S. would have to claim the oil if leaders in Caracas did not agree to Mr. Trump’s plan. The timeframe for the shipments and the source of the oil were not specified. Administration officials are scheduled to meet with Western oil companies this week to discuss next steps in Venezuela.
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Key Claims (5)
AI-ExtractedVenezuela currently produces less than one million barrels of oil a day.
Venezuela would send 30 million to 50 million barrels of oil to the United States.
President Trump said Venezuela would begin handing over some of its oil supplies to the United States.
It could make a difference.
Even a modest revival of the Venezuelan industry has the potential to shake up the oil markets.
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