Rubio outlines plan to seize and sell up to 50 million barrels of Venezuelan oil

Time reports Secretary of State Marco Rubio said Wednesday that the administration plans to seize and sell up to 50 million barrels of Venezuelan oil to give the Trump Administration “tremendous leverage” to stabilize the country after last weekend’s U.S. raid removed President Nicolás Maduro from power.

Rubio told reporters the oil would be sold on the open market at prevailing prices, with the United States controlling the proceeds rather than Venezuela’s “interim” authorities, and said the aim is to prevent corruption and channel money to ordinary Venezuelans. He described the effort as the first phase of a three-step strategy—stabilization, recovery and transition—and said, “We are going to take between 30 and 50 million barrels of oil” and sell it “at market rates.” When asked about cost to U.S.

taxpayers, he replied, “It’s not going to cost us anything.” U.S. forces have seized two tankers carrying Venezuelan crude—one intercepted in the North Atlantic between Scotland and Iceland and a stateless “dark fleet” tanker seized in international waters in the Caribbean and escorted to the United States.

Key Topics

Politics, Marco Rubio, Nicolas Maduro, Venezuela, Trump Administration, Venezuelan Oil