Venezuela Finalizes $500 Million Oil Sale Amid Trump Administration’s Influence
Continental Resources chairman Harold Hamm discusses the U.S.’ interest in Venezuela’s vast oil reserves and more on ‘Kudlow.’
A Trump administration official confirmed to Fox News on Wednesday that the first sale of Venezuelan oil, valued at $500 million, has been completed.
This significant deal follows President Donald Trump‘s announcement that interim authorities in Venezuela would transfer between 30 million and 50 million barrels of sanctioned oil to the U.S., an amount worth approximately $2.8 billion at current market prices.
Energy Secretary Chris Wright stated that the U.S. government would oversee the sale of this oil, with proceeds deposited into accounts controlled by Washington. Additional sales are anticipated in the coming days and weeks.
EXPERT WARNS OF ‘EXTREME VIOLENCE’ IN VENEZUELAN MINING AS TRUMP ADMIN EYES MINERAL RESERVES
The Trump administration said Wednesday that the first sale of Venezuelan oil, valued at $500 million, has been completed. (Ed Lallo / Getty Images)
“President [Donald] Trump brokered a historic energy deal with Venezuela, immediately following the arrest of narcoterrorist Nicolás Maduro, that will benefit the American and Venezuelan people,” White House spokeswoman Taylor Rogers stated in a message to Fox News.
She added, “President Trump’s team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela’s oil infrastructure. He is protecting our Western Hemisphere from being taken advantage of by narcoterrorists, drug traffickers, and foreign adversaries.”
The oil tanker Bella 1 was seized by the U.S. Coast Guard after the vessel eluded a blockade off Venezuela. (Hakon Rimmereid / Reuters)
Venezuela is home to over 300 billion barrels of proven oil reserves, nearly quadrupling those of the United States. In the late 1990s, the country was capable of producing around 3.5 million barrels a day. However, due to mismanagement and corruption, along with rising extraction costs, production has plummeted to approximately 800,000 barrels a day, according to energy analytics firm Kpler.
Venezuela holds more than 300 billion barrels of proven oil reserves. (Bloomberg / Getty Images)
Trump has previously expressed intentions to mobilize major U.S. oil companies to invest billions in revitalizing Venezuela’s oil infrastructure.
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“We are going to have our very large United States oil companies go in, spend billions of dollars, fix the badly broken oil infrastructure and start making money for the country,” Trump stated.
Continental Resources chairman Harold Hamm discusses the U.S.’ interest in Venezuela’s vast oil reserves and more on ‘Kudlow.’
A Trump administration official confirmed to Fox News on Wednesday that the first sale of Venezuelan oil, valued at $500 million, has been completed.
This significant deal follows President Donald Trump‘s announcement that interim authorities in Venezuela would transfer between 30 million and 50 million barrels of sanctioned oil to the U.S., an amount worth approximately $2.8 billion at current market prices.
Energy Secretary Chris Wright stated that the U.S. government would oversee the sale of this oil, with proceeds deposited into accounts controlled by Washington. Additional sales are anticipated in the coming days and weeks.
EXPERT WARNS OF ‘EXTREME VIOLENCE’ IN VENEZUELAN MINING AS TRUMP ADMIN EYES MINERAL RESERVES
The Trump administration said Wednesday that the first sale of Venezuelan oil, valued at $500 million, has been completed. (Ed Lallo / Getty Images)
“President [Donald] Trump brokered a historic energy deal with Venezuela, immediately following the arrest of narcoterrorist Nicolás Maduro, that will benefit the American and Venezuelan people,” White House spokeswoman Taylor Rogers stated in a message to Fox News.
She added, “President Trump’s team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela’s oil infrastructure. He is protecting our Western Hemisphere from being taken advantage of by narcoterrorists, drug traffickers, and foreign adversaries.”
The oil tanker Bella 1 was seized by the U.S. Coast Guard after the vessel eluded a blockade off Venezuela. (Hakon Rimmereid / Reuters)
Venezuela is home to over 300 billion barrels of proven oil reserves, nearly quadrupling those of the United States. In the late 1990s, the country was capable of producing around 3.5 million barrels a day. However, due to mismanagement and corruption, along with rising extraction costs, production has plummeted to approximately 800,000 barrels a day, according to energy analytics firm Kpler.
Venezuela holds more than 300 billion barrels of proven oil reserves. (Bloomberg / Getty Images)
Trump has previously expressed intentions to mobilize major U.S. oil companies to invest billions in revitalizing Venezuela’s oil infrastructure.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“We are going to have our very large United States oil companies go in, spend billions of dollars, fix the badly broken oil infrastructure and start making money for the country,” Trump stated.
