Venezuela Reportedly to Continue Oil Supply to US Following Leadership Change
Following a military operation that ousted Nicolás Maduro, Venezuela will reportedly continue supplying oil to the United States, exceeding the initial 50 million barrels announced by former President Donald Trump, according to The Guardian. Trump had previously announced a deal for Venezuela to transfer between 30 and 50 million barrels of oil to the US, with proceeds controlled by him to benefit both nations, multiple news sources including BBC World reported.
The agreement follows the instatement of Delcy Rodríguez as interim president. The US would remove some sanctions to allow Venezuelan oil sales indefinitely, CNBC reports, citing White House sources.
Trump anticipated that this agreement would revitalize the US oil industry in Venezuela. However, analysts remain skeptical about the plan's potential impact on global oil prices and the stability of the new Venezuelan government, according to BBC World.
The Guardian reported that oil producers in Venezuela continue to pump more crude than needed by the global economy. The long-term implications of the agreement and the change in leadership remain to be seen.
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