Venezuela ‘turning over’ oil to US, Trump says

What happened

President Donald Trump said on social media Tuesday that Venezuela “will be turning over between 30 and 50 MILLION Barrels” of “Sanctioned Oil” to the U.S. “This Oil will be sold at its Market Price, and that money will be controlled by me” to “ensure it is used to benefit the people of Venezuela and the United States!” he wrote. At current market prices, the oil would be worth as much as $2.8 billion.

Who said what

If Trump’s assertion is “confirmed, it would be the first significant concession by Venezuela’s new leaders since U.S. forces seized” President Nicolás Maduro last weekend, The New York Times said. It was a “strong sign that the Venezuelan government is responding to Trump’s demand that they open up to U.S. oil companies or risk more military intervention,” Reuters said. Venezuela did not comment on Trump’s post.

Despite having the world’s largest proven oil reserves, Venezuela “only produces on average about one million barrels” per day, The Associated Press said. The U.S. “goes through an average of roughly 20 million barrels a day of oil and related products, so Venezuela’s transfer would be the equivalent of as much as two and a half days of supply.”

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What next?

Trump “intends to meet representatives of the three largest U.S. oil companies” — Chevron, ExxonMobil and ConocoPhillips — at the White House on Friday to “discuss making significant investments in Venezuela’s oil sector,” The Wall Street Journal said. He told NBC News on Monday the U.S. oil industry would be “up and running” in Venezuela within 18 months, and the U.S. government might reimburse their “tremendous” expenditures.