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Crude Drops After Trump Says Venezuela Will Transfer Up To 50 Million Barrels To US
Update (2035ET):
Brent crude futures fell after a Truth Social post from President Trump said officials in Venezuela will transfer "30 to 50 MILLION barrels of high-quality, sanctioned oil" to the U.S.
"This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States," Trump said.
He added, "I have asked Energy Secretary Chris Wright to execute this plan immediately. The oil will be taken by storage ships and brought directly to unloading docks in the United States."
Pete Hegesth, "We spent decades, purchased in American blood and got nothing economically in return"
— Farrukh (@implausibleblog) January 5, 2026
"Now we can ensure we can access to additional wealth"
In case you had any doubt, it's all about oil pic.twitter.com/cac90Iid8x