Venezuela to Supply US With Millions of Oil Barrels

The United States is set to receive 30 to 50 million barrels of oil from Venezuela, according to recent statements. The oil will be purchased at market price. This move potentially shifts supply away from China and represents a significant development in energy relations between the two countries. The agreement involves Venezuela ‘turning over’ approximately $2 billion worth of oil to the US. This development comes amidst ongoing scrutiny of global oil reserves, where Venezuela holds substantial, though currently underutilized, reserves. The deal’s impact on US oil company investment in Venezuela is still being assessed.