North carolina: US President Donald Trump announced on Thursday that the United States is extracting millions of barrels of oil from Venezuela, describing the relationship between Washington and Caracas as 'extraordinary.' During his speech in North Carolina, Trump emphasized the active involvement of US oil companies in Venezuela, stating that the US is working closely with the Venezuelan government. He highlighted the ongoing operations of American companies in the region but did not specify the exact volume of oil being transported to the US.
According to Anadolu Agency, Trump's comments follow the recent announcement of a significant agreement between the Trump administration and Venezuelan oil assets earlier this month. The White House disclosed that the agreement grants the US majority control over more than 65 billion barrels of Venezuela's proven oil reserves and ensures American access to production from 17 oil fields. Notably, the agreement involves North American Blue Energy Partners, a privately held oil company, rather than direct dealings with the Venezuelan interim government.
The administration has indicated that millions of barrels of new Venezuelan oil output will be processed through US refineries, with production expected to rise as American companies expand their operations in Venezuela. Oil has emerged as a pivotal element in Washington's revised relationship with Venezuela, especially following the removal of President Nicolas Maduro. The US has also claimed to have recouped the cost of its military operations in Venezuela through the country's oil resources.
Venezuela holds the world's largest proven crude oil reserves, though its oil industry has suffered from years of declining production, underinvestment, and sanctions. The White House has articulated that the new oil arrangement aims to boost production, attract investment, and support Venezuela's economic recovery. Washington has further described the agreement as part of a comprehensive strategy for stabilization, reconstruction, and a political transition in Venezuela.