Venezuela to export oil to US - Agreement with Washington reaches $2 billion
Caracas and Washington have reached a deal to export up to $2 billion in Venezuelan crude oil to the United States, US President Donald Trump said. The deal would divert supplies from China and help Venezuela avoid deeper cuts to its oil production.
The deal is a strong sign that the Venezuelan government is responding to Trump's demand to open up to U.S. oil companies or risk more military intervention. Trump has said he wants interim President Delcy Rodriguez to give U.S. and private companies "full access" to Venezuela's oil industry.
Venezuela has millions of barrels of oil loaded into tankers and storage tanks, which it has been unable to transport due to a blockade on exports imposed by Trump since mid-December.
The blockade was part of growing U.S. pressure on the government of Venezuelan President Nicolas Maduro that culminated in his capture by U.S. forces this weekend. Senior Venezuelan officials have called Maduro's capture a kidnapping and accused the U.S. of trying to steal the country's vast oil reserves.
"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.
The US Secretary of Energy is responsible for implementing the agreement, Trump said, adding that the oil will be taken from ships and shipped directly to US ports.
The supply of stranded crude oil to the US may initially require the reallocation of cargoes that were destined for China. The Asian country has been Venezuela's main buyer for the past decade and especially since the United States imposed sanctions on companies involved in the 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.
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