Deal would give US president power to sell up to $3bn-worth of crude stranded in tankers and storage facilities
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Global oil prices have fallen by more than 1% after Donald Trump said Venezuela would hand over 30m to 50m barrels of the country’s blockaded crude to the US.
The deal would give the US president the power to sell up to $3bn (£2.2bn) worth of Venezuelan crude currently stranded in tankers and storage facilities into an already oversupplied global market.
The move threatens to drag on oil prices, which last year recorded their steepest annual fall since the Covid pandemic and could plummet further as oil producers continue to pump more crude than needed by the global economy.
