Summary
The United States plans to control the sale of Venezuelan oil as it reduces restrictions on the country's crude in global markets. The U.S. government will oversee the sales expected to start with 30 to 50 million barrels of oil. President Trump intends to use the money earned from these sales to benefit both Venezuela and the U.S.
Key Facts
- The U.S. has sanctioned Venezuelan oil for decades.
- The U.S. will control the sale of Venezuelan oil "indefinitely."
- Initial sales are expected to involve 30-50 million barrels.
- Revenue from the sales will be managed by the U.S. government.
- Venezuela has low oil production now, partly due to U.S. sanctions.
- President Trump announced these plans on social media.
- Increased oil flow from Venezuela could benefit U.S. refineries set up for heavy crude.
- Oil prices have dropped slightly with the news of potential increased Venezuelan supply.
