President Donald Trump said Wednesday that Venezuela would use oil sales proceeds to buy U.S. products.
“I have been informed that Venezuela plans to purchase only American-made products with the funds it receives from the new oil deal,” Trump said in a post on his social media platform Truth Social.
The president said the purchases would include agricultural products, medicines, medical equipment and equipment to improve Venezuela’s power grid and energy facilities.
President Trump said Tuesday that Venezuela will hand over 30 million to 50 million barrels of oil to the United States after the overthrow of President Nicolas Maduro. President Trump said the oil would be sold at market price. If the sale goes through, it would total more than $2 billion at Wednesday’s closing price of oil.
Energy Secretary Chris Wright said Wednesday that the United States will control Venezuela’s oil sales indefinitely.
“We’re going to put the oil that’s coming out of Venezuela on the market. Initially we’re going to back up our oil reserves and then we’re going to sell the oil that’s coming out of Venezuela on the market indefinitely,” Wright said at Goldman Sachs’ annual energy conference in Miami.
“We need that influence and control of oil sales to drive the changes that absolutely must happen in Venezuela,” the Energy Secretary said. Wright said the proceeds will be deposited into a U.S.-controlled account.
“We’re not receiving their oil,” the Energy Secretary said in an interview with CNBC. The proceeds from the sale will be returned to Venezuela.
