The US made its first sale of Venezuelan oil worth $500 million

Boris Bodnar
Boris Bodnar Journalist
The US made its first sale of Venezuelan oil worth $500 million
Venezuelan oil production has collapsed since the late 1990s Image Jose Isaac Bula Urrutia Eyepix ZUMAPRESS picture alliance
Initial revenues from the sale of Venezuelan raw materials are under the control of the US government, and new agreements are expected in the coming weeks.

The United States has completed its first sale of Venezuelan oil under an agreement between the US and Venezuela worth a total of approximately $2 billion. According to US officials, the initial shipment generated approximately $500 million in revenue, Oilprice reports.

According to Reuters, the proceeds have been placed in bank accounts controlled by the US federal government. One of the main accounts has been opened in Qatar, which is considered a neutral jurisdiction. This allows funds to be moved in agreement with Washington and without the risk of them being seized.

Sources in the administration note that additional sales of Venezuelan oil may take place in the coming days and weeks. Earlier, US President Donald Trump said that Caracas would transfer 30 to 50 million barrels of crude oil to Washington.

After the first deals, international traders' interest in Venezuelan oil has skyrocketed. Chevron, Vitol, and Trafigura are looking into expanding their logistics capabilities to get access to a big chunk of these volumes. At the same time, analysts warn that in the initial stage, supplies will mainly come from existing stocks, and it may take several months to fully ramp up exports.

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