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Trump’s $2bn Venezuela oil heist explained: China kicked out, what’s at stake

Updated On: 07 January, 2026 01:37 PM IST

U.S. President Donald Trump says Venezuela will transfer up to  50 million barrels of oil to the United States following a dramatic power shift in Caracas. Trump claims the oil will be sold at market prices, with proceeds used to benefit both Americans and Venezuelans. U.S. officials say the move follows years of sanctions over disputed elections and foreign alliances involving China, Russia, Iran, and Cuba.

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