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Venezuela Receives $300 Million From U.S. Oil Sale, Plans Bolivar Support

Officials plan to channel the money via banks to steady the exchange rate.

Overview

  • Interim leader Delcy Rodriguez said national banks and the central bank will deploy the funds through the exchange market to protect workers’ purchasing power.
  • The United States reported a $500 million crude sale, but shipping records do not corroborate President Donald Trump’s claim that 50 million barrels have been exported.
  • Reuters reported four Venezuelan banks were told to split $300 million held in a Qatari account to sell dollars to local companies needing foreign exchange.
  • U.S. Southern Command said forces seized the tanker Sagitta without incident, the seventh Venezuela-linked vessel apprehended in the Caribbean.
  • National Assembly president Jorge Rodriguez said lawmakers will open debate on hydrocarbons-law reforms centered on partnership-style contracts for new investment.