US, Venezuela Seal $2 Billion Oil Export Deal
The United States and Venezuela have reached a $2 billion oil export agreement that will reroute stranded crude shipments originally bound for China, following Trump-era sanctions and intensified US action against the Maduro government. Between 30 and 50 million barrels of Merey crude, worth roughly $1.9 billion, will be sold at market prices, with the proceeds overseen by the US administration. Chevron will lead the joint venture, exporting the oil mainly to refiners along the US Gulf Coast. Washington is also pressing major oil companies to invest billions of dollars to rebuild Venezuela’s oil fields, enabling them to recover unpaid expropriation claims. Analysts say more than $10 billion in fresh investment would be required to stabilise output. The announcement briefly weighed on global oil prices.
