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Evening Standard
Evening Standard
Holly Williams

Oil prices drop as Trump vows to seize up to 50m barrels of Venezuelan crude

Oil Venezuela Donald Trump United States British Petroleum Shell
US President Donald Trump (Leon Neal/PA) - (PA Wire)

Oil prices have fallen sharply amid expectations over a surge in supply as US president Donald Trump said Venezuela would relinquish up to 50 million barrels of crude to the US.

Brent crude dropped below 60 US dollars a barrel at one stage on Wednesday after Mr Trump said “interim authorities” in Venezuela would be providing 30 million to 50 million barrels of “high quality” oil to the US at its market price – thought to be worth close to two billion US dollars (£1.5 billion).

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