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yesterday

PDVSA Confirms Talks as U.S. Moves to Control Venezuelan Oil Sales Indefinitely

Washington says it is already marketing stored barrels with proceeds held in U.S.-controlled accounts to leverage Venezuela’s transition.

FILE PHOTO: Oilfield workers hold a flag with the corporate logo of Venezuela's state oil company PDVSA on a drilling rig at an oil well operated by them in the Orinoco belt, near Cabrutica, Anzoategui, April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
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“Este petróleo se venderá a precio de mercado, y ese dinero será controlado por mí, como Presidente de los Estados Unidos de América, para asegurar que se utilice en beneficio del pueblo de Venezuela y de Estados Unidos", dijo en Truth Social.
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Overview

  • PDVSA said it is negotiating a “strictly commercial” sale of crude to the United States under frameworks similar to existing deals with Chevron.
  • President Trump announced provisional Venezuelan authorities will deliver 30–50 million barrels to the U.S., to be sold at market prices with funds overseen by Washington.
  • Energy Secretary Chris Wright said the U.S. will handle Venezuelan oil sales on an open-ended basis, has lined up major traders and banks, and is authorizing service firms and equipment to jump-start output.
  • White House spokeswoman Karoline Leavitt said U.S. pressure will guide interim authorities’ decisions, and Trump will meet U.S. oil executives on Friday.
  • Markets and enforcement responded as U.S. refiner shares rose, WTI fell nearly 2%, and sanctioned tankers were intercepted, with Marco Rubio saying Caracas wants seized cargo counted in the deal.