WASHINGTON (AFP) — The United States has completed a landmark $500 million oil transaction from Venezuelan reserves, marking the first sale since Washington assumed control of the sector following the removal of President Nicolas Maduro, according to a US official statement on Thursday.
The unidentified official confirmed that this initial sale could be followed by additional transactions in the immediate future. The development comes as part of a comprehensive energy agreement brokered by former President Donald Trump in the aftermath of Maduro’s arrest, whom the White House has labeled a ‘narcoterrorist.’
Trump announced via his Truth Social platform last week that interim Venezuelan authorities would transfer 30-50 million barrels of high-quality, previously sanctioned oil to the United States. The former president emphasized that the oil would be sold at market price with proceeds controlled exclusively by the US government.
In a significant shift from traditional resource sovereignty principles, the White House plan explicitly excludes Caracas from decision-making regarding the exploitation of Venezuela’s substantial underground reserves. Trump directly instructed major oil companies to negotiate solely with US authorities, stating: ‘You’re dealing with us directly and not dealing with Venezuela at all.’
The administration has reportedly secured commitments from energy corporations prepared to invest approximately $100 billion in Venezuela’s oil sector. Additionally, Trump signed an emergency order providing special protection to Venezuelan assets held in the United States, including oil revenues, shielding them from potential court seizures or creditor claims.
White House spokesman Taylor Rogers characterized these actions as protecting the Western Hemisphere ‘from being taken advantage of by narcoterrorists, drug traffickers, and foreign adversaries,’ framing the arrangement as beneficial for both American and Venezuelan citizens.