The United States has completed its first sale of oil from Venezuelan reserves, valued at about $500 million, a U.S. administration official said on Wednesday. The sale marks a major step in the America‑Venezuela energy relationship.
The initial sale of Venezuelan oil is part of a broader deal reached between Washington and Caracas earlier this month, officials said. It is the first in what U.S. leaders expect to be multiple sales in the coming days and weeks.
According to sources familiar with the arrangements, the revenue from this first batch of oil sales is being held in bank accounts under U.S. control. One key account is based in Qatar, which officials say provides a neutral location for the funds to move freely without risk of seizure.
White House spokesperson Taylor Rogers described the agreement as a historic energy deal. She said the sale will benefit both American and Venezuelan people while laying the groundwork for future cooperation on energy infrastructure. Talks between U.S. government representatives and major oil companies are ongoing.
The sale comes amid a significant shift in U.S. policy following recent political developments in Venezuela. Earlier this month, a U.S. military operation led to the capture of Venezuelan President Nicolás Maduro, after which U.S. officials outlined plans for broader engagement with Venezuela’s energy sector.
In remarks about the energy strategy, officials highlighted the importance of rebuilding Venezuela’s oil sector, which has faced years of underinvestment and decline. American firms have been encouraged to consider investments to restore facilities and increase output.
U.S. leaders have also indicated that future sales could involve millions of barrels of oil. Some statements from U.S. officials suggest plans to sell between 30 million and 50 million barrels in partnership with domestic companies, subject to market conditions and regulatory approvals.
Despite optimism from the White House, some energy executives have expressed caution. They have noted the challenges of doing business in a nation with long‑neglected infrastructure and complex political dynamics.
The first sale of Venezuelan oil underscores the changing landscape of energy diplomacy in the region. Analysts say the move could have broader implications for global oil markets as the U.S. works to integrate Venezuelan supplies with its own energy strategy.
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Additional sales and further details are expected to emerge as the situation develops in the coming weeks.
