Donald Trump has said Venezuela will be 'turning over' $2bn worth of crude to the United States, a deal that could divert supplies from China and help Venezuela avoid deeper production cuts. The US president said the oil would be sold at market price and the money controlled by him to benefit both nations.
Venezuelan officials did not comment on the announcement, which comes after the capture of former president Nicolás Maduro by US forces at the weekend. Top Venezuelan officials have called the seizure a kidnapping and accused the US of trying to steal the country's oil reserves. The deal is seen as a sign that the government of interim president Delcy Rodríguez is bowing to US demands for access to the oil industry or risk further military intervention.
US energy secretary Chris Wright is to execute the deal, with crude taken from tankers stuck under a US blockade and sent directly to US ports. Supplies originally bound for China, Venezuela's top buyer in recent years, would be reallocated. US crude prices fell more than 1.5% on the news. Currently, only Chevron is authorised to export Venezuelan oil to the US, shipping 100,000 to 150,000 barrels per day.
Hours before Trump's announcement, Rodríguez hardened her tone, describing the US operation as 'a terrible military aggression' and 'criminal attack' resulting in the 'kidnapping' of Maduro. She declared a week of mourning for soldiers killed in the raid, insisting that 'no external agent governs Venezuela'. This contrasted with a conciliatory statement on Sunday inviting US cooperation.
