According to Trump, the oil will be sold at market price and the revenues will remain under the control of the US administration, with the stated objective of benefiting “the people of Venezuela and the United States.” The Venezuelan government and the state-owned PDVSA have not commented on the announcement.
Venezuela holds millions of barrels of oil in ships and tanks due to the blockade imposed by Washington, as part of the pressure campaign that culminated in the detention of President Nicolás Maduro by US forces last weekend.
Sources cited by Reuters indicate that the supply to the US may involve redirecting shipments initially destined for China, the main buyer of Venezuelan crude in the last decade, especially since the imposition of US sanctions in 2020.
Trump stated that he intends to guarantee US companies “full access” to the Venezuelan oil industry, with Energy Secretary Chris Wright responsible for executing the agreement. The crude will be shipped directly to US ports.
Following the announcement, oil prices in the US fell by more than 1.5%, anticipating an increase in Venezuelan exports to the US market, currently secured almost exclusively by Chevron under a special authorization.
