The Trump administration has completed its first sale of Venezuelan oil, valued at $500 million, marking a major step in U.S. management of the country following the ouster of Nicolás Maduro, Semafor reports.
An administration official said some proceeds from the sale are being held in bank accounts controlled by the U.S., with the main account located in Qatar, described as a neutral site where funds can flow freely under U.S. oversight.
President Trump signed an executive order detailing measures to block courts or creditors from accessing revenue from these sales, as Venezuela owes up to $170 billion to international bondholders and oil companies.
The interim Venezuelan leadership, led by former Maduro deputy Delcy Rodríguez, has “fully cooperated,” and the administration is pursuing further deals with U.S. oil companies, despite industry skepticism.
Chevron, the only major U.S. oil firm still operating in Venezuela, is expected to expand production by 50% over two years.
Treasury Secretary Scott Bessent emphasized that the Treasury will oversee the accounts to ensure proper disbursement back into Venezuela, clarifying, “We’re the bankers here; we don’t direct the funds,” while White House spokeswoman Taylor Rogers called the arrangement a “historic energy deal” benefiting both American and Venezuelan citizens.