Trump Says Venezuela Gifted US 1 Million Barrels of Oil; Deal Terms Show Deferred Pricing

President Donald Trump said this week that Venezuela gifted the United States 1 million barrels of oil at no cost to American taxpayers, an announcement that initially surprised the producer of the crude, North American Blue Energy Partners. NABEP first said Tuesday the U.S. had purchased the barrels at a reduced price, then amended its statement to match Trump's account. Under an August agreement, the State Department can buy the first 20% of NABEP's Venezuelan output at $30 a barrel, the cost of production. NABEP is delivering the first million barrels for no upfront payment and will recover the value through higher prices on later shipments, according to a person familiar with the terms. A White House spokesperson acknowledged only the first shipment is free to taxpayers. The oil would otherwise sell for about $80 a barrel, making the below-market supply the core benefit to Washington.