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The United States has officially completed its first sale of Venezuelan oil following a US military operation that led to the capture of former President Nicolás Maduro.
Some shit you should know before you dig in: If you’re unaware, Venezuela has one of the largest oil reserves in the world. Most of this oil is extra-heavy crude, which is thick, sticky, and full of impurities. It can’t be used as-is and needs special refining or blending with lighter oil before it can be turned into usable fuels like gasoline or diesel. The US has refineries, especially along the Gulf Coast, that are built to handle this kind of oil. China has been the biggest buyer of Venezuelan oil in recent years, with India and some other Asian countries also buying large amounts, though sales have shifted based on politics and sanctions.
What’s going on now: In a significant development, the United States has finalized its first sale of Venezuelan oil, valued at $500 million. According to the administration, more sales are expected soon, with the White House planning to offload between 30 million and 50 million barrels of crude in partnership with US companies. The proceeds from this initial sale are being held in US-controlled accounts, including one based in Qatar, chosen to allow fund movement without seizure risks.
This comes as Trump has been actively courting major US oil companies to invest in Venezuela’s oil infrastructure. Some companies, like Chevron, have shown interest and reportedly believe they could expand production by 50% in the next two years. However, not all industry leaders are convinced. ExxonMobil CEO Darren Woods voiced serious doubts during a White House meeting, stating bluntly: “It’s uninvestible.” He added that “There are a number of legal and commercial frameworks that would have to be established to even understand what kind of returns we would get on the investment.”
Other executives echoed Woods’ skepticism, citing Venezuela’s history of asset seizures, nationalization, and the continued lack of reliable legal structures.
