Venezuela to Export Up to $2bn Worth of Oil to US Under Deal with Washington

ABC News

Oil field.

Venezuela is set to export up to $2 billion worth of crude oil to the United States under a new arrangement with Washington, according to a report by Reuters, marking a notable shift in relations between the two countries amid ongoing US sanctions.

Sources cited by Reuters said the deal could allow between 30 million and 50 million barrels of Venezuelan crude to be shipped to the US, depending on market prices and logistical arrangements. Some of the volumes are expected to be diverted from exports previously destined for China.

The exports would take place under existing US sanctions licences, with Chevron currently the only American company authorised to export Venezuelan oil. It remains unclear whether Washington will extend similar permissions to other firms.

Despite the scale of the shipments, Reuters noted that Venezuela may not receive direct financial benefits from the exports, as sanctions continue to limit the government’s access to international banking systems. In past arrangements, proceeds have largely been used to service debt or cover operational expenses.

The agreement comes as the United States looks to bolster energy supplies, while Caracas seeks to revive its oil sector after years of underinvestment, mismanagement and sanctions-related constraints.

Venezuela holds the world’s largest proven oil reserves, but production remains far below historical levels. Analysts say any sustained increase in exports to the US would provide only limited relief unless accompanied by broader sanctions easing and political reforms.

Neither the Venezuelan government nor US officials have publicly released full details of the agreement, and Reuters reported that the deal remains subject to regulatory approval and potential policy changes.



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