America has started selling Venezuelan oil
America has strengthened its hold on Venezuela's huge oil reserves. After removing Nicolas Maduro from power and detaining him, now the 'black gold' i.e. crude oil there has started being sold directly under the supervision of Washington. The surprising thing is that as soon as America intervened, there has been a huge jump in the price of this oil. In just the first deal, America has sold oil worth thousands of crores of rupees, due to which there has been a stir in the international market.
According to official reports, the US has completed the first phase of the sale of Venezuelan crude oil. Under this first deal, oil worth about 500 million dollars (about Rs 4,529 crore) has been sold. US officials have confirmed that this sale process has been completed and more such deals will be seen in the coming weeks.
Chris Wright, Energy Secretary in the Trump government, expressed happiness over this profit, saying that when the same oil was sold during Maduro's regime, it used to get lower prices. But now when America is selling it, the price for the same barrel is 30% higher in the market. This sale is part of the $2 billion agreement that was recently signed between Washington and Caracas.
Trump has made it clear that Venezuela's oil resources will now be used under America's terms and supervision. He told that Venezuela will hand over 30 to 50 million barrels of its oil to America, which will be sold at the current market price.
While sharing his plan, Trump said that the money received from selling oil will not go directly into the hands of any government, but he will control it himself. Its purpose is to ensure that both Venezuela and America benefit from this fund. Ever since Maduro's capture, America's focus was on the proper management of the oil reserves there.
Venezuela has the world's largest proven crude oil reserves (about 303 billion barrels), but the situation there had worsened in the last few decades. The oil industry there had collapsed due to poor maintenance and lack of investment. In the 1990s, where 3.5 million barrels of oil were produced daily, it has now come down to only 8 lakh barrels per day.
To change this situation, Trump has made a big announcement. He said that big oil companies will invest at least $100 billion to revive Venezuela's energy sector.
