Overview
- Energy Secretary Chris Wright said the United States will sell Venezuela’s current and future oil to American refineries and to other countries.
- Trump said Venezuela will transfer 30 million to 50 million barrels of oil to the United States, to be sold at market prices with proceeds controlled by the president for the benefit of both nations.
- Trump added that the oil revenue will be used only for American agricultural products, medicines, medical devices, and equipment to upgrade Venezuela’s electric grid and energy facilities.
- Vice President JD Vance said Venezuela may sell oil only if it serves U.S. interests, noting the U.S. conducted strikes and captured Nicolás Maduro in the lead-up to the policy shift.
- Chevron is in talks to expand its U.S. license to boost Venezuelan crude exports, with Washington encouraging involvement from Valero, ExxonMobil and ConocoPhillips, and PDVSA saying export negotiations are progressing under terms similar to Chevron’s.