Weather

66°F10:16 AM

Business

1 read

Trump Announces Venezuela to Supply 30-50 Million Barrels of Oil to U.S.

KVIA•Wednesday, January 7, 2026 at 1:51 AM•CNN Newsource

City skyline representing business and economy news

Want the full story?

Read the complete article at KVIA

AI Summary

President Donald Trump declared that Venezuela will provide between 30 to 50 million barrels of sanctioned oil to the United States, with the sales revenues being managed by the U.S. government. This announcement was made on Truth Social, where Trump instructed Energy Secretary Chris Wright to implement the plan immediately. The oil, already produced and stored, will be transported to U.S. facilities for refining. While this amount could slightly lower oil prices, it is unlikely to significantly impact gasoline costs for Americans. The potential revenue from this operation could range from $1.65 billion to $2.75 billion, depending on market prices. However, the delivery timeline remains unclear, and this transfer may deplete Venezuela's own oil reserves.

Key Details: • Trump announced the deal on Truth Social, stating immediate action is required. • The oil is expected to be transported to U.S. Gulf facilities for refining. • Estimated revenue from the oil sale could reach up to $2.75 billion. • Venezuela's oil reserves may be significantly affected by this transfer.

economy trump venezuela energy oil

People & Organizations

Donald TrumpVenezuelaUnited StatesChris WrightGulf of Mexico

Related Articles

Texas Home Values Experience Significant Decline in 2025

In 2025, home values across Texas saw a notable decrease of 2.45%, marking the largest annual drop since 2011, as reported by Zillow. This decline is significant for homeowners and potential buyers, indicating a shift in the real estate market. The decrease in home values could impact property taxes and homeowners' equity, making it a critical topic for residents considering buying or selling in the near future.

Challenges of Mining Rare Earths in Icy Greenland Environment

Greenland is home to some of the world's largest rare earth mineral deposits, which are crucial for modern technology. However, the harsh, icy conditions of the island present significant challenges for mining operations. The extreme environment complicates extraction processes and raises concerns about the feasibility of accessing these valuable resources. As global demand for rare earths increases, understanding the implications of these environmental factors is essential for stakeholders in the mining industry.

US Treasury Secretary Dismisses Denmark's Investment Concerns Amid Global Tensions

During the World Economic Forum in Davos, Treasury Secretary Scott Bessent downplayed Denmark's recent decision to divest $100 million from US Treasury bonds, labeling the investment as 'irrelevant.' This remark comes in light of the Danish pension fund AkademikerPension's concerns over US government finances. Bessent emphasized that Denmark's holdings have significantly decreased from nearly $18 billion in 2021 to just under $10 billion today. His comments also reflect broader anxieties regarding potential European divestment from US debt amid geopolitical tensions, especially with President Trump's controversial interest in acquiring Greenland. Bessent's remarks aim to reassure markets that demand for US Treasuries remains strong despite these challenges.

Trump's Proposed Tariffs Could Impact Imports from Several European Nations

Former President Donald Trump has announced plans to impose a 10 percent tariff on imports from Denmark, Norway, Sweden, France, Germany, Finland, the U.K., and the Netherlands, effective February 1. This move comes in response to these countries' backing of Greenland's sovereignty. The proposed tariffs could lead to increased costs for American consumers, as they are likely to bear the financial burden of these tariffs. Residents and businesses in El Paso may want to prepare for potential price hikes on imported goods from these nations.