Venezuela and the United States have reached a deal that would see Caracas export up to $2 billion worth of crude oil to the U.S., President Donald Trump said on Tuesday, marking a major shift in Venezuelan oil flows and a significant development in bilateral relations.
Under the agreement, between 30 million and 50 million barrels of Venezuelan oil will be redirected primarily from China to U.S. buyers. Trump said the oil would be sold at market prices, with proceeds overseen by the U.S. president to ensure they benefit both Venezuelan and American interests. The deal follows a U.S. export blockade imposed in mid-December that left millions of barrels stranded on tankers and in storage.
The arrangement is seen as a response by Venezuela’s interim government to U.S. pressure to open the oil sector to American companies, amid warnings of further military intervention. U.S. Energy Secretary Chris Wright has been tasked with executing the agreement, which would involve unloading oil directly from ships into U.S. ports.
Chevron remains the only U.S. company currently authorized to export Venezuelan oil, shipping up to 150,000 barrels per day under existing licenses. It remains unclear whether Venezuela will gain direct access to revenues, as sanctions continue to restrict PDVSA’s access to the global financial system.
U.S. officials said increased Venezuelan supplies would benefit Gulf Coast refiners and help stabilize output in Venezuela, which has already been forced to curb production due to storage constraints.
