The White House has indicated it is prepared to allow India to buy Venezuelan oil under a new US-controlled framework, a senior Trump administration official said, raising the prospect of a partial reopening of trade frozen by American sanctions.
Asked directly whether the United States was ready to let India resume purchases of Venezuelan crude, given its vast and growing energy needs, the response was blunt. “Yes,” the administration official told IANS, while stressing that the finer details were still being worked out.
US Energy Secretary says, Venezuelan Oil to be sold globally under US control
US Energy Secretary Christopher Wright said the United States is ready to sell Venezuelan oil to most countries around the world. However, the entire process will remain under the control of the US government.
Speaking to Fox Business, Wright said the US is reopening Venezuelan oil to global markets, but sales will be handled by the US government, and all profits will go directly into government accounts.
US will decide which companies will go to Venezuela
Trump met with executives from major American companies like Exxon Mobil, ConocoPhillips, and Chevron. He stated that the US would decide which companies would go to Venezuela and invest.
Mark Nelson, Vice Chairman of Chevron, said that his company is committed to investing in Venezuela and is still operating there. Many smaller companies and investors also attended the meeting, praising Trump’s policies and expressing a desire to invest.
Trump said companies would need to invest first and recover their money quickly. After that, profits would be shared among Venezuela, the US, and the companies. He added that he already has a formula for this plan, but talks are still ongoing.
At the same meeting, Exxon Mobil CEO Darren Woods said Venezuela is currently not a good place to invest. He said the company’s assets there were seized twice in the past. Woods added that Exxon could consider returning if the Trump administration and the Venezuelan government work together to bring major changes.
Venezuela to give 3–5 crore barrels of restricted oil to the US
US President Donald Trump said Venezuela’s interim president will hand over 3 to 5 crore barrels of restricted oil to the United States. He said the oil will be sold at market prices, and the US will control the money earned from the sale.
The value of 5 crore barrels of crude oil is estimated at around ₹25,000 crore. Trump said the money will be used for the benefit of the people of both Venezuela and the US.
In a post on his social media platform Truth Social, Trump said he has asked Energy Secretary Chris Wright to carry out the plan immediately. The oil will be shipped directly to US ports using storage vessels.
Trump captured Venezuelan oil barrels
Following the Venezuelan strike, Donald Trump on Tuesday said that US will acquire 30-50 million barrels of oil from Venezuela. Trump said the proceeds from the sale would be used “to benefit the people” of both countries. The White House is scheduled to meet executives from US oil companies Exxon, Chevron and ConocoPhillips on Friday to discuss Venezuela, as the Trump administration seeks to expand the country’s vast but struggling oil sector.
In his post on social media platform Truth, Donald Trump said the oil would be sold at its market price and transported directly to the United States.
“I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of high-quality, sanctioned oil to the United States of America,” Trump wrote.
He added that the oil would be sold commercially and that the money generated would be handled by the US presidency.
“This Oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” Trump mentioned.
Also Read| Donald Trump Says US Will Get 30-50 Million Barrels of Oil Worth $2.8 Billion From Venezuela
