President Donald Trump said Wednesday that Venezuela will purchase American products with revenue from the US-sanctioned oil deal.
Trump said in a post on his social media platform, Truth Social, “I have just been informed that Venezuela is going to be purchasing only American-made products with the money they receive from our new oil deal.”
According to him, the purchases will include agricultural products, medicine, medical devices, and equipment to improve Venezuela’s grid and energy facilities.
Trump said Tuesday that Venezuela would turn over 30 million to 50 million barrels of oil to the US after the overthrow of President Nicolás Maduro, adding that the oil will be sold at market prices.
He added that the sales, if executed, would total more than $2 billion at oil’s Wednesday closing price.
Energy Secretary Chris Wright said Wednesday that the U.S. will control Venezuela’s oil sales indefinitely.
“We’re going to market the crude coming out of Venezuela—first this backed-up stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace.
“We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela. The funds from the sales will be deposited in US-controlled accounts. We’re not taking their oil. The funds from the sales will be brought back to Venezuela,” Wright said.
