In January 2026, the Nave Photon, a ship carrying crude oil from Venezuela, docked at Port Freeport in Texas. The U.S. government is now selling Venezuelan oil again after the recent capture of former President Nicolás Maduro by U.S. special forces.
Energy Secretary Chris Wright announced that the U.S. is getting 30% higher prices for Venezuelan crude than just weeks prior. The first sale brought in about $500 million, with more transactions expected soon.
President Trump mentioned that Venezuela would hand over 30 to 50 million barrels of oil currently under U.S. sanctions. He plans to manage the proceeds to benefit both countries. The Department of Energy has indicated that these oil sales will continue indefinitely.
Despite its vast oil reserves—303 billion barrels—Venezuela’s output has dwindled significantly from a peak of 3.5 million barrels per day in the 1990s to only about 800,000 barrels now. Years of underinvestment have taken a toll on the industry.
Trump also stated that oil companies would invest at least $100 billion to help rebuild Venezuela’s energy sector. Meetings with executives from big names like Exxon and Chevron highlighted the dire state of the Venezuelan oil market. Exxon’s CEO pointed out that, under current circumstances, investment in Venezuela feels risky.
Global oil markets are feeling the pressure, as Brent crude prices have recently increased slightly, but tensions between the U.S. and Iran still loom.
Baron Lamarre, a former trading head at Petronas, emphasized that Venezuela’s issues aren’t just about economics. He stated, “It’s fundamentally human and political.” Until there’s stable political leadership, investors will be hesitant to commit.
The landscape of oil sales and geopolitical relations in Venezuela will continue to evolve, and the world will be watching closely.
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