U.S. Completes First Sale of Venezuelan Oil Valued at $500 Million - PRESS AI WORLD
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U.S. Completes First Sale of Venezuelan Oil Valued at $500 Million

share-iconPublished: Thursday, January 15 share-iconUpdated: Thursday, January 15 comment-icon1 hour ago
U.S. Completes First Sale of Venezuelan Oil Valued at $500 Million

Credited from: CBSNEWS

  • The U.S. has completed its first sale of Venezuelan oil worth $500 million.
  • More sales are expected in the coming weeks as a part of a broader economic strategy.
  • The U.S. aims to oversee the sale of up to 50 million barrels of Venezuelan crude.
  • Revenue from this sale will be held in bank accounts controlled by the U.S. government.
  • President Trump has indicated that the U.S. oil industry will support the rebuilding of Venezuela's oil infrastructure.

The U.S. has finalized its first sale of Venezuelan oil, generating approximately $500 million, marking a significant step in energy transactions post-intervention in Venezuela. This sale is part of a larger $2 billion agreement with Venezuelan authorities, with expectations of more sales in the upcoming days and weeks, according to CBS News, Anadolu Agency, and Africa News.

The initial revenue from the oil sale is being held in U.S.-controlled bank accounts, specifically utilizing one principal account in Qatar for secure transactions. The U.S. administration's new plan includes overseeing the sale of 30 to 50 million barrels of Venezuelan crude, with proceeds managed by Washington, according to CBS News and Africa News.

President Donald Trump has remarked that the U.S. oil industry would contribute greatly to restoring Venezuela's energy sector, estimating at least $100 billion in investments needed. He stressed that his administration had brokered this historic deal following military operations that led to the capture of President Nicolás Maduro, changing the U.S.-Venezuela relationship significantly. These points were confirmed by Anadolu Agency and corroborated by Africa News.

ExxonMobil's CEO, Darren Woods, highlighted the inherent risks of investing in Venezuela, stating that there are significant legal and commercial barriers to consider, a sentiment echoed across several discussions with U.S. energy executives. Woods described the current environment in Venezuela as "uninvestible," reflecting the challenges that oil companies face, according to CBS News and Anadolu Agency.

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