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

KVIA••CNN Newsource
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President Trump announced that Venezuela plans to transfer between 30 million to 50 million barrels of oil to the United States, with the proceeds intended to benefit both nations. The oil, already produced and stored, will be transported to U.S. facilities for refining. Although this transfer could generate between $1.65 billion and $2.75 billion in revenue, experts suggest it may not significantly lower gas prices for Americans. The timeline for the oil transfer remains unclear, but it is expected to occur swiftly due to the heavy nature of the crude oil, which cannot be stored for long periods.

Key Details: • Venezuela to transfer 30-50 million barrels of oil to the US. • Expected revenue from sales could range from $1.65 billion to $2.75 billion. • Oil is already produced and mostly on boats, ready for US facilities. • Timeline for transfer is uncertain but expected to be quick. • Venezuelan oil currently trading at approximately $55 per barrel.

economy trump venezuela energy oil

People & Organizations

Donald TrumpVenezuelaUnited StatesChris Wright

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