Venezuela will ship sanctioned oil to U.S. indefinitely, sources say
Source: cnbc
Venezuela will ship sanctioned oil to the U.S. indefinitely, sources close to the White House told CNBC on Wednesday.
President Donald Trump said Tuesday that Venezuela will turn over 30 million to 50 million barrels of sanctioned oil, which will be sold at market prices.
“That money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,” Trump said in a social media post.
The 50 million barrels are only the first tranche and shipments will continue indefinitely, the sources said. U.S. sanctions against Venezuela will be selectively rolled back to enable the transportation and sale of the oil on global markets, the sources said.
Read more: https://www.cnbc.com/2026/01/07/oil-sales-from-venezuela-to-continue-indefinitely-sanctions-will-be-reduced-source-says.html
how is this not pure theft.....
= new reply since forum marked as read
You may have heard that Venezuela has the world’s largest oil reserves — 300 billion barrels. You probably don’t know that Venezuela’s reported oil reserves tripled while Hugo Chavez was president. This increase, from roughly 100 billion to 300 billion barrels, didn’t reflect major new discoveries or exploration. Instead, it reflected the Chavez government’s decision to reclassify the country’s Orinoco Belt heavy oil as “proved” — oil that can be recovered with reasonable certainty under existing economic and operating conditions:
As Torsten Slok of Apollo, who recently made this point, notes, “Much of the oil is extra-heavy, which has low recovery and a high cost to produce.” This suggests that Venezuela’s claims to have immense usable oil reserves were politically motivated hype.
Bolding mine.
