The United States has completed its first sale of Venezuelan oil worth $500 million, according to a U.S. administration official, who said additional oil deals are expected in the coming days and weeks.
Details of the initial transaction finalized on Wednesday were not disclosed. However, White House spokesperson Taylor Rogers said in a statement that President Donald Trump’s team is facilitating ongoing discussions with oil companies willing to make major investments to rebuild Venezuela’s oil infrastructure.
Reuters reported that Venezuelan crude is being offered to traders at discounted prices compared with competing oil from countries such as Canada.
The move follows Trump’s pledge, after the recent U.S. attack on Venezuela and the arrest of President Nicolás Maduro earlier this month, to tap into the country’s vast oil reserves. Trump said last week that the oil sector would invest at least $100 billion to revive Venezuela’s damaged energy industry, though the source of that figure remains unclear.
