Venezuela’s state-owned oil company PDVSA announced on Wednesday it is now holding negotiations with the United States for the sale of oil to America.
In a statement published by the company through social media, PDVSA stated the negotiations for the sale of oil to the U.S. are within the “framework of the commercial relations that exist between both countries.”
“This process is being carried out under arrangements similar to those in place with international companies such as Chevron, and is based on a strictly commercial transaction, with criteria of legality, transparency, and benefit for both parties,” the statement read.
“PDVSA reaffirms its commitment to continue building alliances that promote national development for the benefit of the Venezuelan people and contribute to global energy stability,” the statement concluded.
PDVSA’s statement comes hours after President Donald Trump announced on Truth Social that Venezuela will provide between 30 million and 50 million barrels of oil, which will be transported by ship to U.S. docks and sold at current market prices.
“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,” President Trump wrote, adding that he instructed Energy Secretary Christ Wright to “immediately” carry out the plan.
Sec. Wright, speaking at a Wednesday conference in Miami, said that the United States will sell Venezuelan oil “indefinitely” and control the proceeds.
“We’re going to market the crude coming out of Venezuela—first this backed up, stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright explained.
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Hours later, President Trump detailed that Venezuela will only purchase “American made products” from the proceeds from the new oil deal between both countries.
Some of the American product purchases, President Trump explained, will include, agricultural products, medicines, medical devices, and equipment to improve Venezuela’s dysfunctional power grid and energy facilities.
“In other words, Venezuela is committing to doing business with the United States of America as their principal partner – A wise choice, and a very good thing for the people of Venezuela, and the United States. Thank you for your attention to this matter!” President Trump wrote on Truth Social.
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