President Donald Trump announced Tuesday that Venezuela will provide 30 to 50 million barrels of oil to the United States at market rates, following the dramatic U.S. military operation that captured Venezuelan President Nicolas Maduro.
The oil deal, potentially worth up to $2.8 billion at current prices of approximately $56 per barrel, represents about 2.5 days of American oil consumption. Trump pledged to use proceeds from the sale to benefit both nations.
White House Meeting with Oil Executives
The Trump administration is organizing a Friday meeting at the White House with executives from Exxon, Chevron, and ConocoPhillips to discuss expanding Venezuelan oil production. Venezuela currently produces only about 1 million barrels daily despite holding the worlds largest proven oil reserves.
Operation Casualties
The military operation that led to Maduros capture resulted in significant casualties. At least 24 Venezuelan security officers were killed, along with 32 Cuban military and police personnel. Seven U.S. service members were injured in the operation.
Acting Venezuelan President Delcy Rodriguez responded defiantly: "Personally, to those who threaten me: My destiny is not determined by them, but by God."
The oil agreement marks a significant shift in U.S.-Venezuela relations and could help stabilize global energy markets while providing much-needed revenue for Venezuelas struggling economy.
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