US EditionOil sales from Venezuela to continue indefinitely, sanctions will be reduced: Report
The U.S. will indefinitely control Venezuelan oil sales to leverage political change and revive production, with 30-50 million barrels planned for transfer, U.S. officials said.
- On Tuesday, US President Donald Trump announced a deal with Venezuela's interim authorities to transfer 30 million to 50 million barrels of sanctioned Venezuelan oil to the United States, with the US controlling the revenue.
- Following US forces' capture of Maduro days earlier, a mid-December US blockade disrupted Venezuela's dark fleet tankers amid years of output decline to about 1 million barrels per day.
- At a Miami conference, Energy Secretary Chris Wright said, `'We need to have that leverage and control of those oil sales to drive the changes that simply must happen in Venezuela,'` while analysts estimate about $2.8bn in revenue, and Bloomberg reported Chevron has lined up 11 tankers to move Venezuelan crude.
- If Venezuelan crude re-enters US markets, it would weaken Canada’s position in energy disputes and Beijing condemned the move, warning China and Cuba could lose vital oil supplies.
- Analysts warn that meaningful expansion of Venezuela's output will take years and billions, and reengineering US Gulf Coast refineries to run solely on US light crude would cost billions and take decades.
266 Articles
266 Articles
US says it needs to control Venezuelan oil sales indefinitely to drive change
The US needs to control Venezuela’s oil sales and revenue indefinitely to stabilise that country’s economy, rebuild its oil sector and ensure it acts in America’s interests, top US officials said on Wednesday. The comments reflect the importance of crude oil to US President Donald Trump’s strategy in Venezuela after US forces abducted and deposed the country’s leader, Nicolas Maduro, in a raid on the capital Caracas on Saturday. “We need to have…
Trump’s previously announced pact “treats oil stored in barrels and ships because of the blockade imposed on Venezuela,” Leavitt said.
US says it will dictate Venezuela decisions, oil sales
WASHINGTON, United States — US President Donald Trump’s administration said Wednesday it will dictate decisions to Venezuela’s interim leaders and control the country’s oil sales “indefinitely” after toppling Nicolas Maduro. Trump’s assertion of US dominance over the oil-rich South American country comes despite its interim leader Delcy Rodriguez saying there is no foreign power governing Caracas. US special forces snatched president Maduro and …
The US wants to take over Venezuela's oil sales. Trump now announces that Venezuela will only invest the proceeds it receives in its country's products.
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