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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Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
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South Korea estimates North Korea possesses between 80 and 120 nuclear warheads, its defence minister said on Thursday, citing a range significantly higher than U.S. President Donald Trump's recent assertion that Pyongyang has 57 nuclear weapons.
Russian ballistic missile strikes on Ukraine’s capital Kyiv has killed at least sixteen people and injured more than forty others, Ukrainian officials said, with fires reported across the city and Poland activating defensive air operations.
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