The United States says it's set to receive a shipment of crude oil from South America following a significant diplomatic and economic arrangement brokered by the White House involving sanctioned assets.
In a statement issued via his Truth Social platform, U.S. President Donald Trump announced that an agreement has been reached with the "Interim Authorities" in Venezuela. The deal involves the transfer of significant energy reserves to American custody, marking a major escalation in the administration's approach to managing Venezuelan assets and sanctions.
"I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 million barrels of high quality, sanctioned oil, to the United States of America," President Trump wrote.
The President emphasised that the liquidity generated from this transfer would be managed strictly under U.S. executive oversight.
"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 stated.
Under this new directive, assets are being actively liquidated and repurposed though specific details on the financial mechanism remain forthcoming.
To oversee the complex logistical operation of moving millions of barrels of crude, the President has deployed his top energy official.
"I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States," Trump added.
Chris Wright is known for his pragmatic approach to fossil fuels and has a background in the fracking industry.
Venezuela holds the world's largest proven oil reserves, yet its production capabilities have been severely hampered by years of mismanagement and international sanctions according to experts.
Market analysts will be watching closely to see how the introduction of up to 50 million barrels impacts global oil prices, and whether this model of asset transfer will be applied to other sanctioned nations in the future.
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Tensions between the U.S. and Iran remain far from a genuine ceasefire, as military posturing, sanctions and uncertainty over diplomacy continue to fuel fears of a broader regional confrontation.
Iran confirmed on Friday its Armed Forces responded to, what Tehran is calling, the U.S. Navy’s violation of the ceasefire. It said Iranian ships and civilian areas were attacked near the Strait of Hormuz on Thursday evening.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 7th of May, covering the latest developments you need to know.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
British paratroopers and military medics have been deployed to Tristan da Cunha after a suspected hantavirus case was confirmed, as first evacuation flights carrying passengers from the stricken MV Hondius cruise ship left Tenerife for Madrid and Paris.
Russia is holding a significantly scaled-back Victory Day parade in Moscow on 9 May 2026, reflecting heightened security concerns and the ongoing war in Ukraine, now in its fourth year.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
The U.S. Defense Department has released dozens of previously classified files on unidentified anomalous phenomena (UAP) on Friday (8 May), following an order from President Donald Trump. U.S. officials described as a push for “unprecedented transparency”.
China’s leading chipmakers are funnelling unprecedented sums into research and development as Beijing accelerates efforts to reduce reliance on foreign technology amid intensifying U.S. export restrictions.
Centre-right leader Péter Magyar was sworn in as Hungary’s prime minister on Saturday, propelled into office on promises of change after years of economic stagnation and strained ties with key allies under his predecessor Viktor Orbán.
The United Nations Committee on the Elimination of Racial Discrimination (CERD) has warned that France risks undermining the self-determination rights of the Kanak Indigenous People in New Caledonia amid proposed political and constitutional reforms.
Somalia is facing a severe malnutrition crisis and urgently needs additional humanitarian funding to prevent conditions deteriorating further, the World Food Programme has warned.
British Prime Minister Keir Starmer vowed to carry on as leader on Friday (8 May) after his ruling Labour Party suffered heavy losses in local elections. Labour lost hundreds of councillors across the country, as some figures in the party said he should stand down.
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