President Donald Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, worth roughly $2.8 billion at the current market price. The volumes cited by Trump would represent about 30 to 50 days of Venezuelan oil production before the US’s partial blockade of the country. The announcement comes as a blow to China, previously the top buyer of Venezuela’s oil and a close partner. Bloomberg’s Stephen Stapczynski reports.
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