Trump Announces Venezuela to Export Up to 50 Million Barrels of Oil to U.S.
President Trump announced that Venezuela will transfer 30 to 50 million barrels of sanctioned oil to the US, to be sold at market value, with proceeds benefiting both nations. The oil, already produced and stored on ships, will be sent to US facilities for refining, potentially raising between $1.65 billion and $2.75 billion. This move may slightly lower oil prices but is unlikely to significantly impact US gas prices. The transfer is expected to happen quickly due to the heavy nature of Venezuelan crude.