WASHINGTON – The United States and Venezuela have reached a deal to export up to $2 billion worth of Venezuelan crude oil to the U.S., President Donald Trump announced on Tuesday. The agreement aims to redirect supplies from China while helping Venezuela avoid deeper production cuts.
Trump said the deal signals that the Venezuelan government is responding to U.S. demands for broader access to the country’s oil industry. He called on interim President Delcy Rodriguez to grant U.S. and private companies “total access” to Venezuelan oil.
Since mid-December, a U.S.-imposed blockade has prevented Venezuela from exporting millions of barrels of oil. The blockade was part of increased pressure on Venezuelan President Nicolás Maduro, whose recent capture by U.S. forces has drawn strong condemnation from top Venezuelan officials.
Under the agreement, Venezuela will supply between 30 and 50 million barrels of sanctioned oil to the U.S. Trump added that the oil will be sold at market prices, with proceeds controlled by the U.S. to ensure benefits for both countries.
Chevron, Venezuela’s main joint venture partner, currently controls the flow of oil to the U.S. under a U.S. authorization. The company has been exporting between 100,000 and 150,000 barrels per day without interruption despite the blockade.
Venezuelan crude is typically sold at a discount compared to Brent, with current estimates valuing the deal at around $1.9 billion. Interim President Rodriguez remains under U.S. sanctions, and PDVSA, Venezuela’s state oil company, faces restrictions on accessing the global financial system.
U.S. and Venezuelan officials are also exploring mechanisms such as auctions for U.S. buyers and licensing arrangements for PDVSA’s business partners. These measures could restore some flow of Venezuelan oil to global markets, including U.S. refineries capable of processing heavy crude.
U.S. Interior Secretary Doug Burgum called the potential increase in Venezuelan oil exports “great news” for job security, gasoline prices, and Venezuela’s economy. Traders have already begun adjusting U.S. heavy oil prices in response to the agreement.
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The deal marks a significant step in U.S.-Venezuelan energy relations and could reshape oil flows from South America to the United States, while easing pressure on Venezuela’s oil production and storage challenges.
