Venezuela’s Oil Production, Sales, and Revenue Use to Remain Under U.S. Oversight

According to the U.S. Department of Energy, Venezuelan oil has already begun selling on the international market. The proceeds from these sales will first be deposited into international bank accounts under U.S. supervision. Later, the funds will be used in the interest of both the United States and the Venezuelan people, the U.S. authorities claimed.

Initially, a plan has been set to sell 30 to 50 million barrels of oil. The Energy Department stated that this process will start soon and continue without any set time limit.

President Donald Trump commented that Venezuela has agreed to use the oil revenue exclusively to purchase U.S.-made products. These products include agricultural goods, medicines, medical equipment, machinery, and materials necessary for improving Venezuela’s power and energy infrastructure.

Trump further added that under this agreement, Venezuela will export crude oil worth approximately $20 billion to the United States. As a result, Venezuelan oil exports will shift from China to the U.S., which is expected to help avoid potential major production declines.