US President Donald Trump announced yesterday that Venezuela will buy US products using the profits from its oil sales.
In a post on social media, Trump reported that he had received a response from Venezuela expressing its willingness to buy US products using funds from the new oil deal.
He also explained that the purchases include agricultural products, medicines, medical equipment and equipment to improve Venezuela's electrical grid and energy facilities.
Previously, Trump confirmed that Venezuela would hand over between 30 million and 50 million barrels of oil to the US after President Nicolas Maduro was detained.
The oil will be sold at current market prices with the sales value expected to reach more than $2 billion based on the closing price of oil if the transaction is successful.
Meanwhile, US Energy Secretary Chris Wright stated yesterday that the US will monitor the sale of Venezuelan oil over a long period of time.
He also added that the US will begin selling crude oil reserves from Venezuela and continue to market the country's future production on an ongoing basis.
