US sells $500 million worth of Venezuelan oil on global market
WASHINGTON: The United States has sold nearly $500 million worth of Venezuelan oil on the international market, US officials said on Thursday, as Venezuela’s interim authorities prepare to transfer an additional 30 million to 50 million barrels of crude to Washington in the next phase of the arrangement.
US Energy Secretary Chris Wright said the current market value of the oil expected to be handed over to the United States is estimated at around $2.8 billion. He added that the US government is directly overseeing the entire process, including the sale of the crude, with proceeds being deposited into accounts controlled by Washington.
Wright said further US Venezuelan oil sales are expected in the coming days and weeks, describing the initiative as part of a broader effort to support Venezuela’s economic recovery and help stabilise its energy sector.
A White House spokesperson said President Donald Trump had brokered what was described as a historic energy agreement with Venezuela, which is expected to bring benefits to both countries.
According to US media reports, Venezuela holds the world’s largest proven oil reserves, estimated at nearly 300 billion barrels, making it a key player in the global energy market despite years of sanctions and economic turmoil.
In a statement posted on his social media platform Truth Social, President Trump said he had a “very good” conversation earlier in the day with Venezuela’s interim president Delcy Rodríguez. He said the talks covered several important issues, including oil, minerals, trade and national security.
Trump said the United States is making significant progress in helping stabilise Venezuela and supporting its recovery. He expressed optimism that the renewed partnership between Washington and Caracas would prove beneficial for all parties involved.
“I believe Venezuela will soon become a great and prosperous nation again,” Trump said, adding that it could become “even greater than before.”
The development signals a major shift in US-Venezuela relations and could have broader implications for global oil markets as additional Venezuelan crude enters international supply channels.
