President Donald Trump announced at the Shield of the Americas Summit in Florida that the United States is 'taking out tremendous amounts of oil' from Venezuela, following the January operation to capture former Venezuelan dictator Nicolás Maduro. Trump stated that the U.S. administration has been working closely with the new president of Venezuela, Delcy Rodriguez, and praised her efforts, noting that Venezuela is now making more money than ever before, with U.S. oil companies involved in the process [1].
Trump also revealed that the U.S. has formally and legally recognized the Venezuelan government this week and has reached a 'historic gold deal' with Venezuela. This agreement allows both countries to facilitate the sale of Venezuelan gold and other minerals. Additionally, a license issued by the Treasury Department prohibits individuals and companies from Iran, North Korea, Russia, and Cuba from conducting business with Minerven, Venezuela's state-owned gold mining company, among other measures [1].
Regarding Cuba, Trump asserted that the regime is 'at the end of the line,' lacking both money and oil, and no longer receiving support from Venezuela. He indicated that Cuba is currently negotiating with Secretary of State Marco Rubio and himself, expressing confidence that a deal could be made easily. Trump described Cuba as being in its 'last moments of life as it was,' but anticipated a 'great new life' for the country [1].
Trump emphasized that America's current focus is on Iran, but also highlighted the importance of the Shield of the Americas Summit as a gathering of the 'strongest likeminded allies in our hemisphere to promote freedom, security, and prosperity in our region,' according to the State Department [1].
CONCLUSION
President Trump's announcements signal a significant shift in U.S. policy toward Venezuela and Cuba, with increased oil extraction and a new gold deal likely to impact both economies. The formal recognition of Venezuela's government and restrictions on gold trade with certain countries suggest heightened U.S. involvement in the region. These developments are expected to have a high market impact, particularly in the energy and mineral sectors.