Venezuela must use oil deal proceeds to buy only American-made products, Trump says

Donald Trump has said that Venezuela will only buy US-made products with revenue from its oil sales. 

On Wednesday, Jan. 7, Trump said Venezuela would only buy US-made products with the profits it makes from any deal with Washington to sell oil. 

“I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” the US President said in a social media post. 

Trump said the purchases will include agricultural products, medicine, medical devices and equipment to improve Venezuela’s grid and energy facilities. 

Trump said Tuesday, Jan. 6, that Venezuela would turn over 30 million to 50 million barrels of oil to the U.S. after the US conducted a strike in Venezuela and overthrew President Nicolás Maduro. The oil will be sold at market prices, Trump said. 

Energy Secretary Chris Wright said Wednesday that the U.S. will control Venezuela’s oil sales indefinitely. 

“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 said at Goldman Sachs’ annual energy conference in Miami. 

“We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” the energy secretary said. The funds from the sales will be deposited in U.S. controlled accounts, Wright said. 

“We’re not taking their oil,” the energy secretary told CNBC in an interview. The funds from the sales will be brought back to Venezuela, he said