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Venezuela to Supply Up to 50 Million Barrels of Oil to US

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Former President Donald Trump announced that Venezuela will transfer between 30 million and 50 million barrels of oil to the United States, with the proceeds intended to benefit both nations. This oil, categorized as 'sanctioned,' is already produced and primarily stored on vessels, ready for transport to US refining facilities. While this supply could potentially lower oil prices slightly, experts suggest it may not significantly impact gas prices for American consumers. The sale could generate between $1.65 billion and $2.75 billion if sold at current market prices. The timeline for the transfer remains unclear, but it is expected to occur swiftly due to the nature of the crude oil.

Key Details: • Venezuela to transfer 30-50 million barrels of oil to the US. • Potential revenue from the sale could reach $2.75 billion. • Oil is ready for transport and will be delivered to US facilities. • Impact on gas prices for consumers may be minimal.

economy trump venezuela energy oil

People & Organizations

Donald TrumpVenezuelaUnited StatesChris WrightGulf

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