United States President Donald Trump has announced that Venezuela will use proceeds from its oil transactions with the United States to purchase only American-made goods, marking a major shift in economic relations between the two countries.
In a post shared on Wednesday, Trump said Venezuela has agreed to make the United States its principal business partner, describing the decision as a “wise choice” for both nations.
According to the U.S. president, the agreement covers the purchase of American agricultural products, medicines, medical devices, and equipment, including materials aimed at improving Venezuela’s electricity grid and energy infrastructure.
The U.S. Department of Energy earlier disclosed that Washington would oversee the marketing and sale of Venezuelan oil indefinitely, beginning with an initial sale estimated at between 30 and 50 million barrels.
Proceeds from the sales, the department said, will be held in U.S.-controlled accounts at internationally recognised banks and disbursed at the discretion of the U.S. government for the benefit of both countries.
Trump said Venezuela has committed to full economic cooperation with the United States, adding that American oil companies are prepared to invest billions of dollars in rebuilding the country’s infrastructure and expanding oil production.
The U.S. president had earlier stated that Venezuela would turn over millions of barrels of oil to the United States, with the country’s interim authorities tasked with facilitating the supply.
The development follows the recent detention of Venezuelan President Nicolás Maduro and First Lady Cilia Flores by U.S. forces over allegations of corruption, narco-terrorism, and drug trafficking.
Maduro has denied the allegations, insisting that he remains Venezuela’s legitimate president and was abducted by the United States.