US President Donald Trump has claimed that Venezuela will transfer up to 50 million barrels of oil, valued at approximately $2.8 billion (£2.1 billion), to the United States following a US military operation aimed at removing President Nicolás Maduro from power.
In a post on social media, Trump said the oil would be sold at current market prices, with the proceeds placed under his control. He added that the funds would be used to benefit both the Venezuelan people and the United States.
The president also stated that the US oil industry would be fully operational in Venezuela within 18 months, predicting that massive foreign investment would flow into the country once political change is complete.
However, energy analysts have previously warned that restoring Venezuela’s oil production to former levels would be a long and costly process, potentially requiring tens of billions of dollars and up to a decade of reconstruction to repair infrastructure damaged by years of underinvestment and economic crisis.
