Oil sales from Venezuela that have been administered under a U.S.-controlled framework for about five weeks are expected to generate roughly $5 billion in additional revenue over the next few months, according to U.S. Energy Secretary Chris Wright in an interview with NBC News. Wright said sales to date have topped $1 billion and that short-term agreements are in place for further deliveries. He made the comments during a trip to Venezuela that included meetings with interim President Delcy Rodríguez.
Wright said proceeds from the crude sales are routed through a U.S. Treasury-controlled account and ultimately remitted back to Venezuela, with commodity traders Vitol and Trafigura involved in handling the transactions. The report also noted that the U.S. has already transferred $500 million in sale proceeds to Caracas following a deal reached in January. Wright added that restoring Venezuela’s oil sector would require substantial investment, and he signaled expectations for higher oil, natural gas, and power production, while noting that recent legal changes are a constructive step but may still fall short of attracting large-scale capital. For related market context, see Ranger’s coverage of U.S.-Venezuela tensions and supply uncertainty.
Source: Oil & Gas 360
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