Overview
- The sale initiates a planned $2 billion program covering roughly 30–50 million barrels, with additional transactions expected in the coming days.
- Oil prices fell more than 3% on Thursday as traders weighed reduced Iran risk alongside expectations for added Venezuelan supply.
- Officials say revenues from the initial cargoes remain inaccessible to Caracas and will move only with U.S. approval through accounts led by Qatar.
- Market reports indicate Venezuelan crude was offered at discounts versus competing grades, drawing interest from immediate buyers.
- U.S. Gulf Coast refineries configured for heavy crude, including Valero, Marathon and PBF, are positioned to benefit even as Venezuela’s long‑term output recovery remains uncertain.