U.S. Energy Secretary Chris Wright told reporters in Texas yesterday (Thursday) that oil sales under a major supply agreement between Venezuela and the United States are expected to reach $2 billion by the end of February.
Immediately after the U.S. military arrested President Nicolas Maduro in early January, the United States took control of Venezuela’s oil exports, the proceeds of which will be donated to a Qatari fund overseen by the U.S. government.
According to Western media agencies, Vitol and Trafigura have since been marketing and trading the lion’s share of Venezuelan oil under this agreement, while their partners in the Venezuelan National Petroleum Company (PDVSA), especially Chevron, are working to increase production and shipments.
Wright predicted earlier this month that Venezuela’s oil sales would reach $5 billion within months.
Increased exports are already bringing Venezuela’s crude oil and fuel back to markets that have been deprived of supplies for months or even years.
“Customers in Asia and Europe are negotiating oil imports in the near future, with 40 million barrels expected to be sold at about $50 a barrel by the end of February,” Wright said.
U.S. Energy Secretary Chris Wright told reporters in Texas yesterday (Thursday) that oil sales under a major supply agreement between Venezuela and the United States are expected to reach $2 billion by the end of February.
Shortly after U.S. forces arrested President Nicolas Maduro in early January, the United States took control of Venezuela’s oil exports, the proceeds of which were donated to a Qatari fund overseen by the U.S. government.
Since then, the companies Vitol and Trafigura have been marketing and trading the bulk of Venezuelan oil under the agreement, while the partners of the Venezuelan National Petroleum Company (PDVSA), in particular Chevron, are working to increase production and shipments, Western media reported.
Wright previously predicted Venezuela’s oil sales would reach $5 billion within months.
Increased exports are already leading to a return to markets that have been deprived of Venezuelan oil and fuel for months or even years.
“More customers in Asia and Europe are negotiating oil import contracts soon, with 40 million barrels expected to be sold at around $50 per barrel by the end of February,” Wright said.
