Venezuela ‘turning over’ $2bn in oil to US, Trump says, in move that could cut supply to China

Deal indicates Venezuelan government is responding to Trump’s demand that they open up to US oil companies or risk more military intervention

Donald Trump has said Venezuela will be “turning over” $2bn worth of Venezuelan crude to the United States, a flagship negotiation that would divert supplies from China while helping Venezuela avoid deeper oil production cuts.

“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” Trump said in a post online.