00:00It's Benzinga bringing Wall Street to Main Street.
00:02Venezuela will ship sanctioned oil to the U.S. indefinitely, according to CNBC.
00:07Trump said Venezuela will turn over 30 million to 50 million barrels of oil to be sold at market
00:13prices, with proceeds controlled by the U.S. The initial 50 million barrels represent the
00:19first tranche, with shipments expected to continue indefinitely. U.S. sanctions will
00:23be selectively rolled back to allow transportation and global sales, with funds settling in U.S.
00:29controlled accounts and released at U.S. discretion. Energy Secretary Chris Wright confirmed the
00:34plan at a Goldman Sachs conference. The oil will be rerouted from China to the U.S.,
00:39transported by storage ships to U.S. stocks. Venezuela produces about 800,000 barrels per
00:45day. For all things money, visit Benzinga.com.
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