President Donald Trump announced a new agreement Wednesday that requires Venezuela to spend all oil revenue from recent U.S.-brokered sales exclusively on American-made goods.
The decision follows Trump’s order to seize control of Venezuela’s sanctioned oil supply after the capture of Nicolás Maduro. Energy Secretary Chris Wright confirmed that American companies will sell the Venezuelan oil, and the revenue will be held in U.S.-controlled accounts. That money, Trump said, will only be used to purchase U.S. products.
“These purchases will include American agricultural products, medicines, medical devices, and equipment to restore Venezuela’s electric grid and energy infrastructure,” Trump said. “Venezuela is committing to do business with the United States as their principal partner.”
Trump previously said between 30 and 50 million barrels of Venezuelan oil would be transferred to the United States. That oil is now being delivered to U.S. ports, where it will be sold at market price.
American companies will begin restoring Venezuela’s decaying oil infrastructure, with billions in investment and an 18-month production plan. Trump said these companies may be reimbursed by the U.S. government if necessary.
Wright said the strategy gives the United States powerful leverage over the Venezuelan government and ensures the revenue stream won’t be misused. “If we control the oil, the sales, and the cash, we control the future,” he said.
Trump told the New York Times that some of the revenue will go back to Venezuela to fund rebuilding efforts, but only under strict oversight.
“We’re getting oil prices down, we’re helping the American economy, and we’re rebuilding Venezuela — all on our terms,” Trump said.
The post Trump Leverages Oil Deal To Force Venezuela To Buy American appeared first on Real News Now.
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