US-led Venezuela Oil Sales to Hit $5B Soon, Says Wright
U.S. Secretary of Energy Chris Wright revealed that the U.S. managed oil sales from Venezuela have generated over $1 billion since President Nicolas Maduro was captured in January. In an interview with NBC News on Thursday, a source projected that short-term agreements will bring in an additional $5 billion into the re
U.S. Secretary of Energy Chris Wright revealed that the U.S. managed oil sales from Venezuela have generated over $1 billion since President Nicolas Maduro was captured in January. In an interview with NBC News on Thursday, a source projected that short-term agreements will bring in an additional $5 billion into the region over the coming months.
The Trump administration is currently redirecting these proceeds to Venezuela’s interim President and Oil Minister Delcy Rodriguez. Wright, the highest-ranking U.S. official to visit the country since the U.S. captured and removed Maduro six weeks ago, clarified that Washington will oversee all sales and fund distributions until a permanent, representative government is established. He noted that free elections would "quite likely" be held before the end of President Trump’s second administration.
Also Read: US Completes Full $500m Oil Sale Funds To Venezuela
According to recent reports, the Trump administration is seeking to make Venezuela’s oil the new staple among OPEC countries, having asked various companies to invest billions of dollars in the country to develop its oil production and refining capabilities. Moreover, the recent trade deal with India presents a new opportunity to export Venezuelan oil to one of the world's largest crude oil consumers. How much of these profits are used to benefit the general Venezuelan population remains to be seen. More data will be available in the coming months as Venezuelan oil floods the international markets.
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