Reviving Fortune and Safety in the US and Venezuela: A Landmark Energy Agreement
With the guidance of the President, the United States is charting a course towards enhanced prosperity, safety, and security, not only for itself but also for Venezuela.
Once a prosperous and stable country, Venezuela thrived on its rich natural resources and maintained a robust economic relationship with the United States. However, over the past twenty-plus years, the nation's leaders chose a road marred by violence, corruption, and socialism. This choice had disastrous effects on Venezuela's economy, impoverished its citizens, and fueled international terrorism.
Under the President's leadership, the United States successfully apprehended the Venezuelan leader Nicolas Maduro, who was facing charges for a host of violent crimes, including conspiracy to commit narco-terrorism.
Boosting Prosperity and Security with the US-Venezuela Energy Deal
The President then announced an energy agreement intended to reinforce national security in the Western Hemisphere and aid in reviving Venezuela as a prosperous, responsible ally of the United States. The Department of Energy, the interim Venezuelan authorities, and private industry are collaborating to make this deal a reality.
The US government has initiated the marketing of Venezuelan crude oil worldwide for the advantage of the United States, Venezuela, and their allies. To execute and finance these crude oil and crude product sales, partnerships with leading commodity marketers and major banks have been established.
All proceeds from the sale of Venezuelan crude oil and oil products are channeled into U.S. controlled accounts at globally recognized banks, ensuring the authenticity and integrity of the final distribution of proceeds.
These funds are then distributed for the benefit of the American and Venezuelan people at the discretion of the U.S. government. The sale of approximately 30 – 50 million barrels of oil is expected to begin immediately and continue indefinitely.
Ensuring Compliance and Future Prosperity
Only oil transported legally and in accordance with U.S. law and national security will be allowed in and out of Venezuela. The United States is selectively lifting sanctions to allow the transport and sale of Venezuelan crude and oil products to global markets.
The U.S. will provide light crude oil to Venezuela when needed to mix, upgrade, and optimize the production and transport of Venezuela's very heavy crude oil. To counter decades of production decline and stimulate near-term growth, the U.S. will authorize the import of select oil field equipment, parts, and services. This process will involve technology, expertise, and investment from American and other international energy partners.
Venezuela's electricity grid, which has been left decrepit and fragile due to years of socialist mismanagement, corruption, and poor maintenance, will also be addressed. Nationwide electricity production has decreased by over 30 percent, primarily due to significant underinvestment and corrupt, inadequate operations and maintenance practices. Improvements to the electricity grid are crucial for increasing oil production, economic opportunity, and the daily quality of life for the Venezuelan people.