Trump Says Venezuela to Send 30–50M Barrels of Oil to the U.S.

President Donald Trump announced that Venezuela will transfer 30 to 50 million barrels of oil to the United States, with proceeds managed by the U.S. The oil, mostly already produced and on ships, will be delivered to Gulf Coast facilities for sale at market value.

Trump said the funds will benefit both Venezuela and the U.S., and directed Energy Secretary Chris Wright to implement the plan immediately. While the transfer is substantial, it represents only a fraction of U.S. daily consumption and is unlikely to significantly lower gas prices.

The oil comes from Venezuela’s stockpiles and seized tankers, with deliveries expected to happen quickly due to the heavy nature of the crude. Analysts note that while it may help stabilize supplies, the impact on the U.S. market will likely be limited.