President Donald Trump has announced that Venezuela will use proceeds from its oil sales to purchase only American-made products under a new oil agreement with the United States.
Trump disclosed this on Wednesday via a post on his social media platform, Truth Social, saying Venezuela would spend the revenue from the deal exclusively on U.S. goods.
“I have just been informed that Venezuela is going to be purchasing only American Made Products, with the money they receive from our new Oil Deal,” Trump wrote.
According to him, the purchases will cover agricultural products, medicines, medical devices, and equipment needed to improve Venezuela’s electricity grid and energy infrastructure.
Earlier on Tuesday, Trump said Venezuela would hand over between 30 million and 50 million barrels of oil to the United States following the overthrow of President Nicolás Maduro. He added that the oil would be sold at prevailing market prices.
Trump estimated that the oil sales could generate more than 2 billion dollars based on Wednesday’s closing oil price, if fully executed.
U.S. Energy Secretary Chris Wright further explained on Wednesday that the United States would maintain long-term control over Venezuela’s oil sales.
“We’re going to market the crude coming out of Venezuela — first this backed-up stored oil and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright said.
He added that the proceeds from the sales would be deposited into U.S.-controlled accounts as part of efforts to influence political and economic changes in Venezuela.
“We’re not taking their oil. The funds from the sales will be brought back to Venezuela,” Wright stated.
