U.S. Sells First Batch of Venezuelan Oil for $500 Million

The U.S. has completed the sale of its first batch of Venezuelan oil worth $500 million, reports CNN, citing a White House spokesperson. According to the spokesperson, new deals are expected in the coming days and weeks.

Sources from The New York Times indicate that the U.S. Department of Energy is coordinating efforts to sell a total of 50 million barrels of Venezuelan oil, which remained unused after Washington imposed a blockade on all tankers under sanctions near the republic's shores last December.

“The first sale has already taken place, and sales will continue for an indefinite period,” the spokesperson for the department informed the publication.

Following the U.S. government’s actions against Venezuela and the detainment and deportation of President Nicolás Maduro, former U.S. President Donald Trump announced plans to utilize Venezuela's vast oil reserves. He also stated that American oil companies would invest at least $100 billion to restore the country's energy sector.