U.S. President Donald Trump has declared that Venezuela will "exclusively buy American-made products" using funds from a "new Oil Agreement" between the two nations.
This policy, as explained by Trump, would encompass purchases of U.S.-produced agricultural goods, pharmaceuticals, medical devices, and equipment aimed at enhancing Venezuela's power grid and energy facilities.
In his announcement, Trump emphasized that these transactions would position the United States as Venezuela's "primary trading partner," describing the initiative as "a wise and highly beneficial decision" for both countries.
Earlier, Petróleos de Venezuela S.A. (PDVSA) confirmed ongoing negotiations with the U.S. government for crude oil sales, characterizing the process as part of "commercial relations between the two countries," according to an official statement referenced in the document.
The state-owned company stated that the proceedings are conducted under "frameworks similar" to those with international companies like Chevron and described it as a "strictly commercial" transaction based on legality, transparency, and mutual benefit.
PDVSA announced that talks with Washington concerning crude oil supply are progressing, emphasizing the commercial nature of the negotiations, as the U.S. disclosed an agreement to access Venezuelan oil volumes.
These remarks are situated within a broader context of "energy control" over Venezuela, as described by Trump and Secretary of State Marco Rubio, involving supervised crude sales and revenue management under U.S. control.
Energy Secretary Chris Wright stated that Venezuelan crude would be sold on the market by the U.S. government, with proceeds deposited into accounts controlled by Washington "to ensure their use" for the benefit of the Venezuelan people.
FAQs on the U.S.-Venezuela Oil Agreement
What products will Venezuela purchase from the U.S.?
Venezuela will purchase American agricultural goods, pharmaceuticals, medical devices, and equipment for improving its power grid and energy facilities.
How will the U.S. manage the revenues from Venezuelan oil sales?
The U.S. government will handle the sales proceeds, depositing them into accounts it controls to ensure the funds benefit the Venezuelan people.
What is the significance of the U.S.-Venezuela oil agreement?
The agreement marks a shift in Venezuela's trade strategy, positioning the U.S. as its primary trading partner and influencing energy control dynamics.