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Venezuela to export oil to US, buy US goods: Trump

2026-01-08 HKT 06:58
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  • US President Donald Trump said Venezuela has agreed to buy only American-made goods from the proceeds of its oil sales. File photo: Reuters
    US President Donald Trump said Venezuela has agreed to buy only American-made goods from the proceeds of its oil sales. File photo: Reuters
Jamie Clarke reports
The United States on Wednesday laid out what it called an "energy deal" with Venezuela, saying it will partially roll back sanctions to allow the sale of oil products from the South American country.

The details, shared in a Department of Energy fact sheet, came days after Washington captured Venezuelan leader Nicolas Maduro, leaving his deputy and other allies in charge.

US President Donald Trump has since announced that the interim leaders have agreed to US-managed marketing of 30-50 million barrels of crude, repeatedly adding that his country will "run" Venezuela despite having no forces on the ground.

He also said that Venezuela has agreed to use the proceeds ⁠from the sale of its oil to purchase only American-made goods.

In a post on Truth Social, Trump said the purchases would include US agricultural products, ⁠medicines, medical devices as well as equipment to improve its electricity grid and energy facilities.

Venezuela's state petroleum firm said on Wednesday that talks for the sale of crude oil to the United States had begun, after Washington's demand for access to the country's reserves following Maduro's ouster.

"Negotiations are under way with the United States for the sale of volumes of oil within the framework of existing commercial relations between the two countries," the firm, PDVSA, said in a statement.

US Energy Secretary Chris Wright said on Wednesday that Washington will control the sales of Venezuelan oil "indefinitely," telling an event in Miami that it needed leverage and control of these sales to drive necessary changes in Venezuela.

Venezuela claims to sit on about a fifth of the world's oil reserves.

Already, the US government has started marketing Venezuelan crude oil internationally, the Energy Department noted on Wednesday.

It added that all proceeds from the sale of this crude oil and oil products will "first settle in US controlled accounts at globally recognised banks."

"These funds will be disbursed for the benefit of the American people and the Venezuelan people at the discretion of the US government," the department said, without providing further details. The sales will also "continue indefinitely," the fact sheet added.

Wright separately told CNBC the United States was merely controlling the marketing and flow of funds into Venezuela, maintaining that the money will largely be used to benefit Venezuelan people.

"We're not stealing anyone's oil," he added.

Wright, a former oil and gas executive, said it would require "tens of billions of dollars and significant time" to get Venezuela's production back to historical highs of over three million barrels per day.

For now, Washington is "selectively rolling back sanctions to enable the transport and sale of Venezuelan crude and oil products to global markets," the Energy Department said.

Among other efforts, the United States plans to authorise the import of certain oil field equipment, parts and services to Venezuela, and said it would work to improve the electricity grid to aid oil production.

Separately, the White House told reporters on Wednesday that the United States has "maximum leverage" over Venezuela's interim authorities.

Trump is expected to meet with US oil executives on Friday to discuss plans for Venezuela's oil sector, Press Secretary Karoline Leavitt told a briefing.

On Saturday, US special forces snatched Maduro and his wife from Caracas and whisked them to New York to face trial on drug charges.

Washington appears to be relying on a naval blockade of Venezuelan oil exports, and the threat of potential further force, to ensure the cooperation of interim leader Delcy Rodriguez. (AFP/Reuters)

Venezuela to export oil to US, buy US goods: Trump