Trump touts new oil deal as uncertainty looms

President Donald Trump has said that Venezuela is going to use funds from a new oil deal with the United States to buy “ONLY American Made Products” amid uncertainty over the oil agreement and his administration’s plan for the South American country.

“These purchases will include, among other things, American Agricultural products and American Made Medicines, Medical Devices and Equipment to improve Venezuela’s Electric Grid and Energy Facilities,” Trump said in a statement published Wednesday to his Truth Social media platform.

“In other words, Venezuela is committing to doing business with the United States of American as their principal partner — A wise choice, and a very good thing for the people of Venezuela, and the United States.”

Venezuela has the world’s largest oil reserves, which have been the focus of the Trump administration since Saturday when the United States seized the country’s former authoritarian president, Nicolas Maduro, and his wife in a military operation that killed dozens in Caracas. Maduro is indicted in the United States on narcoterrorism and other drug-related charges.

As the United States increased military pressure on Venezuela ahead of the covert efforts to abduct Maduro, and enforced a naval blockade that effectively halted its ability to export oil, Trump repeatedly criticised Caracas over its handling of the petroleum sector. He accused Venezuela of having “stolen” oil and oil assets from US companies, seemingly referencing the country’s decades-old nationalisation of its oil industry.

On Tuesday, Trump announced that Venezuela will be turning over between 30 million and 50 million barrels of oil to the United States that it will then sell at market price. He said the proceeds from the sales will be controlled by him for the benefit of the United States and Venezuela.

However, no deal actually seems to be in place — at least not yet.

Venezuelan state-owned oil and gas company Petroleos de Venezuela, S.A., better known in English as PDVSA, confirmed in a statement distributed by the Ministry of Hydrocarbons on Wednesday that it is “in negotiations with the United States for the sale of crude oil volumes, within the framework of the commercial relations that exist between the two countries.”

PDVSA also attempted to project an image that the deal was ordinary, saying it included arrangements “similar to those currently in place with international companies” and was “based on a strictly commercial transaction, with criteria of legality, transparency and benefit for both parties.” (UPI)

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