US sells $500 million worth of Venezuelan oil on global market

The United States has sold nearly $500 million worth of Venezuelan oil on the international market, US officials said, as Venezuela’s interim authorities prepare to hand over an additional 30 million to 50 million barrels of crude to Washington in the next phase of the arrangement.

US Energy Secretary Chris Wright said the current market value of the oil expected to be transferred to the United States is estimated at about $2.8 billion.

He said the US government is directly overseeing the entire process, including the sale of the oil, and that proceeds are being deposited into accounts controlled by Washington.

Wright said more Venezuelan oil sales are expected in the coming days and weeks, adding that the effort is aimed at supporting Venezuela’s economic recovery and stabilizing its energy sector.

A White House spokesperson said President Donald Trump has brokered what was described as a historic energy agreement with Venezuela that is expected to benefit both countries.

According to US media reports, Venezuela holds the world’s largest proven oil reserves, estimated at around 300 billion barrels.

In a statement posted on his social media platform, Truth Social, Trump said he had a “very good” conversation earlier in the day with Venezuela’s interim president, Delcy Rodríguez. He said the discussion covered several key issues, including oil, minerals, trade and national security.

Trump said the United States is making significant progress in helping stabilize Venezuela and support its recovery.

He expressed hope that the partnership between the two countries would prove beneficial for all parties and said he believes Venezuela will soon become a great and prosperous nation again, perhaps even greater than before.