US President Donald Trump said Thursday that the United States is receiving millions of barrels of oil from Venezuela, while describing Washington’s current relationship with Caracas as “extraordinary.”
Speaking in North Carolina, Trump said American oil companies were operating in Venezuela and that the US was working closely with the Venezuelan government. However, he did not provide specific figures on the amount of oil being sent to the United States.
His remarks followed the Trump administration’s announcement earlier this month of a major agreement involving Venezuelan oil assets.
According to the White House, the agreement gives the US majority control over more than 65 billion barrels of Venezuela’s proven oil reserves and provides American companies access to production from 17 oil fields.
The deal was made with North American Blue Energy Partners, a privately owned oil company, rather than directly with Venezuela’s interim government, the White House said.
US officials said millions of barrels of additional Venezuelan oil would be processed at American refineries, with production expected to rise as US companies expand their operations in the country.
Oil has emerged as a key part of Washington’s developing relationship with Venezuela following the removal of President Nicolas Maduro.
The US government has also said that it recovered the costs of its military operation in Venezuela through the country’s oil resources.
Venezuela holds the world’s largest proven crude oil reserves, but its oil sector has suffered from years of declining production, limited investment and sanctions.
The White House said the latest oil arrangement aims to boost production, encourage investment and contribute to Venezuela’s economic recovery. Washington has also presented the agreement as part of a wider effort focused on stabilization, reconstruction and political transition in the country.
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