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Venezuela’s oil exports under a flagship oil supply agreement with the United States are projected to reach $2 billion by the end of February, according to U.S. Secretary of Energy Chris Wright. Speaking to reporters in Texas, Wright highlighted the rapid expansion of Venezuelan crude sales following the U.S. government’s takeover of the country’s oil export operations earlier this year.
The U.S. assumed control of Venezuela’s oil exports shortly after American forces captured President Nicolas Maduro in early January. Revenue generated from these exports is being directed into a U.S.-supervised fund based in Qatar. Since the transition, global commodity traders Vitol and Trafigura have managed the majority of Venezuela’s oil marketing and trading activities under the new agreement. At the same time, partners of state-owned oil company PDVSA, particularly Chevron, are ramping up oil production and increasing shipments.
Earlier this month, Wright estimated that Venezuelan oil sales could reach $5 billion within the next few months, signaling strong demand in global energy markets. By the end of February, approximately 40 million barrels of crude oil are expected to be sold at an average price of $50 per barrel. The initial sales target, previously outlined by U.S. President Donald Trump, ranged between 30 million and 50 million barrels.
The surge in exports is reintroducing Venezuelan crude and refined fuel into key international markets that had not received shipments for months or even years. While most of the oil is destined for the U.S. Gulf Coast, additional cargoes are being shipped to India, other Asian countries, and Europe. Buyers in these regions are actively negotiating new supply contracts.
Chinese independent refineries, which had previously imported sanctioned Venezuelan oil, can now purchase crude on the open market at fair market prices. Wright also confirmed that millions of barrels currently in floating storage off Venezuela’s coast are being prepared for sale, further boosting supply availability worldwide.
