The U.S. government has completed its first sale of Venezuelan oil worth $500 million, marking an early move to control and market the country’s energy resources. Officials say more oil sales are expected soon as plans around Venezuela’s reserves continue to unfold.
The deal comes shortly after U.S. forces attacked Venezuela and captured President Nicolás Maduro earlier this month. In the days that followed, President Donald Trump made it clear that his administration plans to tap into Venezuela’s vast oil reserves as part of a broader push to reshape the country’s energy sector.
According to CNN, an administration official confirmed the deal and said additional sales could happen in the coming days and weeks. The government has not disclosed who purchased the oil or how the transaction was carried out.
Trump said on Friday that the oil industry would invest at least $100 billion to rebuild Venezuela’s heavily damaged energy infrastructure. He did not explain how the estimate was reached, and oil executives did not publicly support the claim.
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Industry leaders expressed skepticism during a White House meeting. ExxonMobil CEO Darren Woods warned that Venezuela remains too risky for major investments, pointing to legal and commercial uncertainty that makes potential returns difficult to evaluate.
Other energy executives shared similar concerns and left the meeting without committing to large-scale investments. Despite this, the White House said talks with oil companies are continuing.
On Wednesday, a White House spokesperson said Trump’s team is engaged in discussions with companies interested in helping restore Venezuela’s oil infrastructure. That same day, it was reported that Venezuelan crude was being offered to traders at a discount compared to oil from countries such as Canada.
SOURCE: blacknew.com