Venezuelan oil sales to the United States will start immediately with an initial shipment of approximately 30 million to 50 million barrels and will continue indefinitely, a senior Trump administration official told Reuters on Wednesday. Trump on Tuesday unveiled a plan to refine and sell up to 50 million barrels of Venezuelan oil that had been stuck in Venezuela under US blockade. ADVERTISEMENTThe official said that US sanctions on Venezuela will be selectively eased to help facilitate the supply and trade of Venezuelan crude and oil products to global markets. Energy Secretary Chris Wright said on Wednesday the US wants to get Venezuelan oil flowing again, deposit money into U.S.-controlled accounts and create conditions for U.S. oil companies to enter the country. But mismanagement and limited foreign investment led to a huge drop in annual production, which averaged about 1.1 million bpd last year.

Source: The Telegraph January 07, 2026 16:47 UTC