Venezuela’s oil sales to the United States will begin immediately with an initial shipment of approximately 30 to 50 million barrels and will continue indefinitely, according to a senior Donald Trump administration official told Reuters on Wednesday (7).
On Tuesday (6), Trump revealed what was being held in Venezuela due to the US blockade.
The official stated that American sanctions against Venezuela will be relaxed to facilitate the supply and trade of Venezuelan crude oil and oil products to global markets.
These oil exports, which would be directed to the United States under the agreement, were previously destined for , according to CNBC International.
Energy Secretary Chris Wright declared this Wednesday (7) that the US wants to resume the flow of Venezuelan oil, deposit the money in accounts controlled by the US and create conditions for American oil companies to enter the country.
Over the weekend, Trump said the US would “take control” of Venezuela after US forces captured Nicolás Maduro, a move that could give US energy companies access to the country’s oil reserves.
Venezuela produced as much as 3.5 million barrels a day in the 1970s. But mismanagement and limited foreign investment led to a huge drop in annual production, which averaged about 1.1 million barrels a day last year.
