Trump: The US & Venezuela Strike a $2 Billion Oil Deal

Donald Trump announced that Venezuela will deliver $2 billion worth of crude oil to the United States, aiming to redirect supplies from China and mitigate Venezuela's oil production cuts.

Plus, Trump stated that the oil will be sold at market price, with the proceeds managed by him as President to benefit both Venezuela and the U.S.

Officials from the Venezuelan government and the state-owned PDVSA did not comment.

Geopolitical Tensions & Venezuela's Oil Crisis

Venezuela is facing difficulties in shipping millions of barrels of oil stored in tankers due to a blockade imposed by Trump, linked to the pressure campaign that led to the ousting of Nicolás Maduro, who was captured by US forces recently.

Moreover, top Venezuelan officials labelled Maduro’s capture a kidnapping, alleging that the US aims to appropriate the nation's oil reserves. This reflects the government's response to Trump's demand for greater access to US oil companies, with the threat of military intervention looming.

Trump expressed a desire for interim president Delcy Rodríguez to provide the US and private companies with “total access” to Venezuela's oil industry.

Besides, US Energy Secretary Chris Wright is responsible for executing a deal where oil will be transported from ships to US ports. Supplying this crude oil to the US may necessitate rerouting cargoes that were originally destined for China.

China has been the leading buyer of Venezuelan oil over the past decade, particularly following the U.S. sanctions on companies trading with Venezuela in 2020.

Sanctions' Impact on Venezuelan Oil Revenue and Financial Access

US crude prices declined over 1.5% following Trump's announcement regarding an agreement that could elevate Venezuelan oil exports to the US, which are currently exclusively managed by Chevron under US authorisation.

Notably, Chevron is currently the sole company exporting between 100,000 and 150,000 barrels per day of Venezuelan oil to the US, continuing its operations without interruption despite the ongoing blockade.

Venezuela's access to proceeds from the supply remains uncertain due to sanctions that exclude PDVSA from the global financial system, freezing its bank accounts and blocking dollar transactions.

Rodríguez's Leadership: The Future of U.S.-Venezuelan Relations

In a televised address shortly before Trump's announcement, Rodríguez asserted that “no external agent governs Venezuela,” directly contradicting the US president's assertion that the US would take control of Venezuela following Maduro's capture.

Furthermore, Rodríguez, Venezuela's new president, adopted a conciliatory tone in her first statement after being sworn in by the supreme court, inviting the US government to collaborate on a cooperative agenda.

However, Rodríguez reverted to harsher language in his speech on Tuesday, calling Saturday's strike—the first significant US military operation on South American soil—a “terrible military aggression” and a “criminal attack” whose “absolutely illegal outcome, in violation of international law” was the “kidnapping” of Maduro and his wife, Cilia Flores.

In a nutshell, Rodríguez, Maduro's vice-president since 2018, affirmed Venezuela's sovereignty, stating that the government is solely under Venezuelan control and that there are no external influences. She also announced a week of mourning for military personnel who lost their lives in a raid.

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