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Venezuela Confirms First $300 Million in Oil Proceeds Under U.S.-Managed Sales

Authorities plan to route dollars through the central bank to steady the exchange market.

Overview

  • Interim President Delcy Rodríguez said $300 million of an initial $500 million package has been received from recent crude operations.
  • The government will channel funds via the Banco Central de Venezuela and local banks to essential-sector firms to support wages and purchasing power.
  • Reuters previously reported the tranche was held in a Qatari custodial account and that four Venezuelan banks were notified to divide the funds.
  • President Donald Trump has claimed the U.S. removed 50 million barrels for sale, while shipping records reviewed by specialist outlets indicate that volume has not yet been exported.
  • The National Assembly will open debate on reforming the hydrocarbons law to formalize participation contracts and draw investment, with full terms of the sales arrangement still undisclosed.