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Venezuela to send billions of dollars worth of oil to US after deal with Washington

2026-01-07 15:29:38, Kosova & Bota CNA

Venezuela to send billions of dollars worth of oil to US after deal with

Venezuela will export up to $2 billion worth of crude oil to the United States after Caracas and Washington reached an agreement to this effect, US President Donald Trump announced.

This agreement is a strong sign that the Venezuelan government is responding to Trump's request to open its doors to American oil companies if it does not want to face the risk of further military intervention.

Trump has said he wants Venezuela's interim president, Delcy Rodriguez, to give the US and private companies "full access" to Venezuela's oil industry.

Venezuela has millions of barrels of oil loaded into tankers and storage facilities, which it has been unable to export due to the export blockade imposed by Trump since mid-December.

The blockade was part of increasing US pressure on the government of Venezuelan President Nicolas Maduro, which led to his ouster from power after he was captured by US forces last week.

Senior Venezuelan officials have called Maduro's capture a "kidnapping" and accused the US of trying to "steal" the country's vast oil reserves.

Venezuela will "hand over" between 30 and 50 million barrels of "sanctioned oil" to the US, Trump said in a post on social media.

"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 that it is used for the benefit of the people of Venezuela and the United States!" he added.

US Energy Secretary Chris Wright will be responsible for implementing the deal, Trump said, adding that the oil will be taken from ships and shipped directly to US ports.

Supplying this blocked oil to the US may initially require reallocating cargoes that were originally destined for China, two sources told Reuters news agency.

The Asian country has been the main buyer of Venezuelan oil over the past decade, especially since the United States imposed sanctions on companies involved in oil trade with Venezuela in 2020.

"Trump wants this to happen early so he can say it's a big win," said an oil industry source./REL





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