Caracas and Washington have reached a deal to export up to $2 billion worth of Venezuelan crude to the United States, U.S. President Donald Trump said on Tuesday, a flagship negotiation that would divert supplies from China while helping Venezuela avoid deeper oil production cuts. ADVERTISEMENTThe blockade was part of rising U.S. pressure on the government of Venezuelan President Nicolas Maduro that culminated in U.S. forces capturing him this weekend. Venezuela will be "turning over" between 30 and 50 million barrels of "sanctioned oil" to the U.S., Trump said in a social media post. The U.S. and Venezuela have also discussed if Venezuelan oil can be used in the U.S. Strategic Petroleum Reserve in the future, one of the sources said. Without a way to export oil soon, it would have to cut production more, one of the sources said.

Source: The Telegraph January 07, 2026 05:49 UTC