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The Independent UK
The Independent UK
Business
Holly Williams

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

Oil Venezuela Donald Trump United States British Petroleum Shell

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

Crude dropped below $60 (£44.50) 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 $2bn.

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