Gotrade News - Oil sales under the US-Venezuela deal are set to hit $2 billion by the end of February 2026. US Energy Secretary Chris Wright dropped the figure while speaking to reporters in Texas on Thursday (27/02).
Key Takeaways
- Roughly 40 million barrels of Venezuelan crude have been sold at around $50 per barrel, nearing the top end of the initial target
- Chinese independent refineries can now legally buy Venezuelan oil on the open market after previously importing it under sanctions
- Millions of barrels sitting in floating storage off Venezuela's coast are currently being sold off
The US took the reins on Venezuela's oil exports shortly after American forces captured President Nicolas Maduro in early January. All proceeds are being funneled into a US-supervised fund based in Qatar, according to Reuters.
Two major trading houses, Vitol and Trafigura, have been handling the bulk of marketing and trading for the OPEC nation's crude. Meanwhile, PDVSA partners like Chevron have been ramping up production and shipments under the agreement.
The export boost is already bringing Venezuelan crude and fuel back to markets that hadn't seen any of it in months or even years. More buyers across Asia and Europe are now in talks to lock in imports in the near term.
Fresh Markets Opening Up for Venezuelan Crude
About 40 million barrels are expected to have been sold by the end of February at roughly $50 a barrel, Wright said. The deal's original sales target sat between 30 million and 50 million barrels, a range President Donald Trump had previously laid out.
Chinese independent refineries that used to snap up sanctioned oil can now purchase Venezuelan crude through legitimate channels. Trump has maintained that all oil cargoes will only move at fair market prices, according to Reuters.
Floating Stockpiles Getting Cleared Out
Wright also revealed that millions of barrels of Venezuelan oil sitting in floating storage are in the process of being offloaded. That adds a fresh wave of supply heading into the global market.
Hitting the $2 billion mark in under two months signals strong demand for Venezuelan crude across the board. With new purchase negotiations still rolling in from Asia and Europe, total sales volume could blow past the initial target in the coming weeks.
The deal also underscores the US stepping into an active role managing Venezuela's energy resources after the shift in power. The Qatar-based fund serves as the main mechanism to keep revenue distribution transparent and above board.
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Reference:
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Reuters, Oil sales under US-Venezuela deal expected to reach $2 billion by end of February, US says. Accessed on February 27, 2026
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BOE Report, Oil sales under US-Venezuela deal to reach $2 billion by end of February, Sec Wright say. Accessed on February 27, 2026
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