Overview
- Washington completed initial Venezuelan oil sales worth about $500 million under a $2 billion arrangement, and officials say additional transactions are imminent.
- The revenues remain in bank accounts controlled by the U.S. government under a recent order, with industry sources pointing to a principal account in Qatar.
- U.S. forces boarded and seized the tanker Veronica in the Caribbean, the sixth recent interdiction tied to Venezuela under the current maritime enforcement campaign.
- The deal envisions deliveries of roughly 30 to 50 million barrels to the United States, as the administration seeks private investment to rebuild Venezuela’s oil sector.
- Venezuelan Merey-16 crude has been offered to U.S. Gulf Coast refiners at a discount, and trading houses Vitol and Trafigura are assisting with placement of stored cargoes.