U.S. Officially Begins Selling Venezuelan Oil
According to U.S. authorities, Maduro and his wife are currently detained in a federal prison in New York, facing charges related to drug trafficking.
Three days after their capture, on January 7, former President Trump announced that the first shipment of Venezuelan crude, estimated at 30 to 50 million barrels (1 barrel = 159 liters), would be imported to the U.S. This initial shipment has already been sold for $5 billion.
On January 9, Trump met with executives of major U.S. oil companies at the White House, announcing potential investments of at least $10 billion in Venezuela’s oil sector. However, most company executives expressed concerns over legal and commercial uncertainties. Darren Woods, CEO of ExxonMobil, stated, “Investing in Venezuela’s oil sector under the current conditions is not feasible. A proper legal and commercial framework must be established first to ensure returns.”
Venezuela, located in South America, is one of the world’s most oil-rich nations. According to the U.S. Energy Information Administration (EIA), the country holds at least 30,300 million barrels of crude oil, roughly one-fifth of the world’s reserves. Despite this, daily production remains low at approximately 1 million barrels, contributing only 0.8% of the global crude supply.
Venezuelan crude is heavy and dense, requiring careful processing. However, it can be refined into high-quality diesel, asphalt, industrial fuels, and other petroleum products.
