Venezuela’s crude is stuck on tankers after a U.S. blockade; redirecting to U.S. buyers aids both industries
Houston
Venezuela has agreed to export up to two billion dollars worth of crude oil to the United States under a new deal with Washington, according to statements made. The agreement is expected to redirect oil supplies away from China and ease pressure on Venezuela’s strained oil sector.
US President Donald Trump said the deal would involve supplying between 30 and 50 million barrels of sanctioned Venezuelan oil to the United States. He said the oil would be sold at market prices and shipped directly to US ports. The move could help Venezuela avoid deeper production cuts caused by storage shortages.
Venezuela has millions of barrels of crude stuck on tankers after a recent US export blockade. Redirecting these cargoes to American buyers could bring temporary relief to the country’s oil industry. Analysts say the plan also supports US refiners that can process heavy crude.
Chevron is currently the only US company authorised to export Venezuelan oil. It has been shipping between 100,000 and 150,000 barrels per day under special permissions. It remains unclear how much revenue Venezuela will directly receive due to ongoing financial sanctions.
US officials said increased oil flows would support jobs and stabilise fuel prices. Talks have also included possible auctions for US buyers and future use of Venezuelan oil in strategic reserves.
Despite the deal, political tensions remain high. Venezuelan officials criticised recent US actions, while markets reacted cautiously. Experts say the agreement signals a shift in energy ties, but long term outcomes will depend on sanctions policy, global demand, and political stability in both countries and wider region going forward.
