Photo: EPA
The U.S. administration has announced the start of sales of Venezuelan crude oil and petroleum products on global markets, the Department of Energy said.
According to the statement, leading global commodity traders and major banks have been engaged to conduct and financially support these transactions. All revenues from the sale of Venezuelan oil and refined products will first be transferred to accounts in internationally recognized banks under U.S. control to ensure transparency, legality, and oversight of further allocation of funds.
The Department of Energy clarified that the proceeds will be used “in the interests of the American and Venezuelan people,” in accordance with decisions of the U.S. government. Expected sales volumes range from 30 to 50 million barrels, with the process beginning immediately and continuing for an indefinite period.
If necessary, the United States will also supply light American crude to Venezuela for blending with its heavy oil to improve production efficiency and ease transportation. All import and export operations will be conducted exclusively through authorized channels in compliance with U.S. law and national security regulations.
In addition, the United States is selectively easing certain sanctions to enable transportation and sale of Venezuelan oil on international markets, including permitting imports of specific equipment, spare parts, and services for the oil and gas sector. Washington believes this will help offset years of production decline and support short-term output growth, relying on U.S. and international technology, expertise, and investment.
