Trump Announces Transfer of Up to 50 Million Barrels of Sanctioned Venezuelan Oil to the United States

President Donald Trump announced Tuesday, January 6 that Venezuelan interim authorities would transfer between 30 million and 50 million barrels of high-quality oil currently under U.S. sanctions to the United States, a move the administration says is intended to benefit both Venezuela’s population and American interests during the country’s transition period. In a post published on Truth Social, Trump stated: “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, which will be taken by storage ships, and brought directly to unloading docks in the United States. This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States, to the benefit of the Venezuelan People, as well as the United States.” White House officials later confirmed that, based on current market prices, the shipment is valued between approxima...