Venezuela, US and Trump
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Venezuela, Sell Oil
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The U.S. needs to control Venezuela's oil sales and revenue indefinitely to stabilize that country's economy, rebuild its oil sector and ensure it acts in America's interests, top U.S. officials said on Wednesday.
US President Donald Trump has said Venezuela "will be turning over" up to 50 million barrels of oil - worth about $2.8bn (£2.1bn) - to the US, after a military operation to remove President Nicolás Maduro from power.
Donald Trump has said Venezuelan authorities will turn over 30mn to 50mn barrels of sanctioned crude to the US, in a sign his administration is escalating its push to control the South American country’s oil sector.
U.S. October oil production increased by 31 kb/d to 13,870 kb/d, another new record high. The largest increases came from the GOM and New Mexico, offset by a Texas drop. November production is expected to drop by 9 kb/d to 13,861 kb/d, according to the December STEO.
The plan comes as the Trump administration is pushing for US energy companies to rebuild Venezuela’s decaying oil infrastructure and revive its flagging production.
While any investment by US companies in rejuvenating Venezuelan oil production could take time, Gulf Coast refiners are well positioned to hoover up crude shipments as soon as sanctions are eased and more import permits are granted, something analysts say could happen quickly.
President Trump's administration is pushing Venezuela's interim leader to partner with the US on oil production while reducing ties with China, Russia, Iran, and Cuba.
Venezuelan President Nicolás Maduro has been captured and flown out of the country following a largescale US strike on Caracas, leaving behind uncertainty for the country – and its massive oil reserves.
The U.S. military’s ouster of Venezuelan President Nicolás Maduro is set to swiftly reroute the country’s oil exports back toward the United States – and away from China. That will give U.S. refiners an immediate boost,
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