Trump Says Venezuela To Send US Up To 50 Million Barrels of Oil

President Donald Trump said Venezuela would send the US as much as 50 million barrels of oil, declaring it would be sold with the proceeds to benefit both countries.

“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 in a social media post.

“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 added.

Representatives of the Energy Department and White House did not immediately respond to requests for more detail. At recent rates before the US blockade, the volume would represent about 30 to 50 days worth of Venezuelan oil production. The US itself produces about 13.8 million barrels per day.

At current prices for the US benchmark West Texas Intermediate, the volume could be valued at upwards of $2.8 billion.

Trump said the sanctioned oil “will be taken by storage ships, and brought directly to unloading docks in the United States.” In the post, the president said he’d tasked Energy Secretary Chris Wright with executing the plan “immediately.”

While Trump’s oil transfer appears to focus on new and existing production, Trump has also boasted of Venezuela’s mammoth oil potential. The country is blessed with vast reserves of oil, but its production has fallen from 1970s highs after decades of disrepair and the exodus of some US oil companies.