President Donald Trump has announced a new oil agreement with Venezuela, stating that the South American nation will use the proceeds from its oil sales exclusively to purchase American-made goods. In a statement on his Truth Social platform, Trump revealed the deal was negotiated following the removal of President Nicolás Maduro.
According to the terms, Venezuela will hand over between 30 million and 50 million barrels of oil to be sold at market prices, a transaction valued at potentially over $2 billion. U.S. Energy Secretary Chris Wright clarified that the United States would oversee Venezuela’s oil sales on a long-term basis, handling the marketing of the country’s existing stored crude and future production.
The proceeds from these sales will be channeled into U.S.-controlled accounts. These funds will then be used to buy American products, specifically targeting:
· Agricultural produce and medicines.
· Medical equipment.
· Materials to upgrade Venezuela’s electricity grid and energy infrastructure.
Secretary Wright emphasized that this mechanism allows the U.S. to maintain leverage, ensuring the funds are used as intended to support political and economic reforms in Venezuela rather than being misappropriated by its leadership.
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