Overview
- Initial transactions fall under a $2 billion arrangement covering roughly 30–50 million barrels, with officials signaling additional sales in the coming days.
- President Trump signed a January 10 executive order designed to shield Venezuelan oil revenues from seizure and keep the funds under U.S. oversight.
- Industry and U.S. officials say the main account holding the proceeds is in Qatar, and any transfers require Washington’s approval.
- Oil prices dropped about 3–3.6% as risks tied to Iran eased and the first U.S. sale of Venezuelan crude added supply to traders’ calculations.
- Gulf Coast refiners such as Valero, Marathon and PBF are positioned to benefit from heavier Venezuelan crude, while major producers remain cautious about investing in the country.