MercoPress. South Atlantic News Agency

Venezuela's new oil revenues to be spent solely on US goods

Washington wants to become Caracas' new main trading partner in lieu of Moscow, Beijing, or Tehran, Trump explained

President Donald Trump on Wednesday announced that the proceeds from his country's future oil purchases from Venezuela under caretaker President Delcy Rodríguez will be spent entirely on US-made products, making Washington Caracas' new main trading partner instead of Moscow, Beijing, or Tehran.

The initiative directive follows the administration's aggressive pivot to assume control over Venezuela’s natural resources following the January 3rd capture of dictator Nicolás Maduro.

Writing on Truth Social, President Trump outlined the specific sectors that will benefit from the multi-billion-dollar arrangement. Under the terms dictated by Washington, Venezuela will use its oil proceeds to purchase US grains and food products to address domestic shortages, American-made medicines and high-tech medical devices, and equipment to modernize Venezuela’s failing electric grid and energy facilities.

“A wise choice, and a very good thing for the people of Venezuela and the United States,” Trump posted, framing the deal as a strategic economic realignment.

The announcement comes 24 hours after the White House confirmed that Venezuela’s interim authorities agreed to turn over a first “tranche” of 30 to 50 million barrels of sanctioned oil to the US.

Energy Secretary Chris Wright clarified that while the oil will be sold at market prices, the proceeds will be held in US-controlled accounts. This ensures that the capital is only released when used to purchase American goods or services approved by the Trump administration.

To ensure total compliance, the US continues to strictly enforce its naval blockade, “Operation Southern Spear.” On Wednesday, US forces successfully seized two additional tankers attempting to bypass the embargo.