Negotiations between Venezuela and the United States regarding oil exports to the United States

According to RCO News Agency, Venezuela currently has millions of barrels of oil in tankers and storage tanks, which it has not been able to export due to the export embargo imposed by US President Donald Trump since mid-December. This blockade was a part of increasing American pressure on the government of Venezuelan President Nicolás Maduro, which eventually led to his arrest by American forces.

The agreement to sell these accumulated oils to American refineries will change the route of their exports from China to the United States; A country that has been the biggest buyer of oil in the past decade, especially after the imposition of US sanctions against companies involved in Venezuela’s oil trade in 2020.

Venezuela’s state oil company has been forced to reduce production due to these sanctions and lack of storage space. One of the sources said that if the company does not find a way to export oil soon, it will be forced to cut production further.

The White House, Venezuelan government officials and Venezuela’s state-owned oil company did not immediately respond to requests for comment.

US Gulf Coast refineries are capable of processing Venezuela’s heavy oil, and before Washington first imposed energy sanctions against Venezuela, they were importing about 500,000 barrels per day from this country.

However, it is still unclear how Venezuela’s state oil company, which is under sanctions, will receive the proceeds from the sale of this oil.

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