How much oil is the US set to receive after Maduro’s capture? Donald Trump said, ‘High quality, sanctioned oil from Venezuela…

In the aftermath of last week’s U.S. military action in Venezuela and the capture of President Nicolas Maduro, U.S. President Doland Trump publicly announced on Tuesday how much oil the US would receive from the interim government of Venezuela. He indicated that the interim government of Venezuela would be sending 50 million barrels of oil to the US.

What amount of Venezuelan oil did Trump say is headed to the U.S. after Maduro’s capture?

Sharing a post on the  Truth Social platform, United States President Doland Trump stated that the interim authorities in Venezuela would turn between 30 and 50 million barrels of sanctioned oil to the United States. As per his post,  Trump mentioned that while the oil will be sold at its market price, the money will be controlled by Trump to ensure it is used to benefit the people of Venezuela and the US.

“I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America. This Oil will be sold at its Market Price, and 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! I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States. Thank you for your attention to this matter!,” reads his post.

Who will control the proceeds from the sale of Venezuelan oil, according to Trump?

US President Doland Trump is scheduled to meet with executives from oil companies at the White House later this week to explore possible options for restoring Venezuela’s damaged oil industry, as per the three sources familiar with the plan cited by Reuters. The two sources confirmed to Reuters that the meeting would most likely take place on Friday, although it is unclear at this time who will be in attendance.

What does Trump mean by “high‑quality, sanctioned oil” from Venezuela?

Venezuela, which has the largest proven crude oil reserves on the planet, produces an average of approximately one million barrels of crude oil daily. For comparison purposes, the United States’ average daily production in October was reportedly 13.9 million barrels.

If the United States sells oil for approximately $56 per barrel, then, based on Trump’s announcement, Venezuelan oil would be worth approximately $2.8 billion. The U.S Department of Energy states the US consumes an estimated average of about 20 million barrels of oil and oil products daily. Hence, Venezuelan oil would provide about two and one-half days of oil supply for the United States. Trump stated that Maduro and his wife have been indicted on charges of alleged “drug trafficking and narco-terrorism conspiracies” in the Southern District of New York and will face trial.