President Donald Trump recently made a significant announcement on his Truth Social platform regarding Venezuela’s oil supply to the United States. According to Trump, the “Interim Authorities” in Venezuela will be providing 30 million to 50 million barrels of high-quality oil to the US at market price. This decision comes in the wake of a US military operation in Caracas that resulted in the deaths of at least 24 Venezuelan security officers.
In his social media post, Trump mentioned that the oil will be transported by storage ships directly to unloading docks in the United States. He emphasized that the funds generated from this transaction will be under his control as president and will benefit both the people of Venezuela and the United States. Additionally, the White House is planning an Oval Office meeting with oil company executives, including representatives from Exxon, Chevron, and ConocoPhillips, to discuss Venezuela.
Meanwhile, tensions between the US and Venezuela continue to escalate, with Trump asserting his administration’s authority over Venezuela policy. He is urging Venezuelan leaders to open the country’s vast oil reserves to American energy companies. In response, Venezuela’s acting president, Delcy Rodriguez, defiantly stated that her destiny is determined by God, not by external threats.
The aftermath of the military operation in Caracas has been marked by conflicting reports of casualties. Venezuelan Attorney General Tarek William Saab announced that “dozens” of officers and civilians were killed, prompting an investigation into what he described as a war crime. Cuba’s government also confirmed the deaths of 32 Cuban military and police officers working in Venezuela during the raid.
Despite the losses on both sides, Trump has faced criticism from Democrats for the military operation. He pointed out that his predecessor, Joe Biden, had also called for the arrest of Nicolás Maduro on drug trafficking charges. Trump expressed frustration at the lack of recognition for the successful operation and highlighted bipartisan agreement on Maduro’s illegitimacy as Venezuela’s president.
With oil trading at around USD 56 a barrel, the oil transaction between Venezuela and the US could amount to as much as USD 2.8 billion. This deal holds significance for both countries, considering the US’s daily oil consumption and Venezuela’s vast oil reserves. The implications of this transaction extend beyond economic considerations, impacting the geopolitical landscape and bilateral relations between the two nations.
