US to control Venezuelan oil indefinitely

The US will control how and where the proceeds from the extraction and sale of Venezuelan oil are used indefinitely. The announcement comes after the Donald Trump administration tightened controls on the South American country.
The US Department of Energy said on Wednesday (January 7) local time that it has already begun marketing Venezuelan oil on the world market. All proceeds from the sale of the oil will initially be deposited in an internationally recognized bank account controlled by the US. The US government will spend this money for the benefit of the American and Venezuelan people.
The US Department of Energy also said that it initially plans to sell about 30 to 50 million barrels of oil. These sales will begin soon and continue indefinitely. A few hours after the Energy Department’s announcement, President Trump himself commented on the matter, saying, “Venezuela has agreed to use the proceeds from its oil sales to buy only American-made products.”
Meanwhile, Trump wrote on the social media platform Truth Social, “Venezuela is transferring 30 to 50 million barrels of oil that are under sanctions to the United States. I have been informed that Venezuela will only purchase American-made goods with the money from our new oil deal.” He said, “These purchases will include American agricultural products, medicines, medical equipment and machinery, as well as materials needed to improve Venezuela’s power grid and energy infrastructure.” Earlier on Tuesday, Trump said that Caracas had reached an agreement with Washington to export $2 billion worth of crude oil to the United States. As a result of this significant agreement, Venezuela’s oil supply will now shift from China to the United States and Venezuela will be able to avoid a major decline in oil production.