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Maduro's arrest/ Venezuela turns its back on China and sends $2 billion worth of oil to the US
2026-01-07 12:27:32 / BOTA
Venezuela and the United States have reached an agreement to export up to $2 billion worth of crude oil to the US market. The agreement comes just days after a military operation in Venezuela led to the arrest of President Nicolas Maduro and his wife, clearly reflecting US President Donald Trump's ambitions for greater control over the Latin American country's energy industry.
According to Reuters sources, the agreement envisages the diversion of oil supplies that were originally destined for China, the main buyer of Venezuelan oil over the past decade. The move is expected to help Venezuela avoid deeper cuts in oil production at a time when the country faces tough international sanctions.
Trump demands full access to oil industry
President Donald Trump has said that the interim Venezuelan administration must give American and private companies “full access” to the oil industry, warning of further intervention if they fail. He has claimed that Venezuela will supply the United States with 30 to 50 million barrels of oil, while the revenues will be administered by Washington. “This oil will be sold at market price and the funds will be controlled by me to ensure that they are used for the benefit of the people of Venezuela and the United States,” Trump wrote on the Truth Social platform.
The deal is being implemented by US Energy Secretary Chris Wright, with the oil being shipped directly from tankers to US ports. Two sources told Reuters that initial supplies to the US would come from re-routed cargoes that were destined for the Chinese market. “Trump wants this to happen as quickly as possible to present it as a big win,” one oil industry source was quoted as saying. Currently, Venezuelan oil exports to the US are controlled by US company Chevron, the main joint venture partner with state-owned PDVSA. Chevron exports about 100,000 to 150,000 barrels of oil per day and has been the only company to continue shipping without interruption in recent weeks.
However, it remains unclear how Venezuela will access the proceeds from these exports, as international sanctions have cut PDVSA off from the global financial system and frozen its bank accounts. US and Venezuelan officials have held talks on mechanisms for selling the oil, including organizing auctions for US buyers and issuing new licenses to PDVSA’s partners. These licenses could pave the way for new supply contracts. The possibility of Venezuelan oil being used in the future for the US Strategic Petroleum Reserve has also been discussed, although this has not been officially confirmed by President Trump.
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