US Energy Secretary Chris Wright announced on 26/2 that Venezuela's oil sales revenue is expected to reach USD 2 billion this month. He noted that many customers in Asia and Europe are currently negotiating oil import agreements, with an estimated 40 million barrels anticipated to be sold by the end of February at approximately USD 50 per barrel. Most of this oil will be shipped to US territory bordering the Gulf of Mexico, as well as India, Asia, and Europe.

The US gained control of Venezuela's oil exports following an operation to arrest President Nicolas Maduro and his wife in early January. Proceeds from these sales are transferred to a US-supervised fund in Qatar.

Minister Chris Wright (left) and interim Venezuelan President Delcy Rodriguez in Caracas on 11/2. Photo: AFP

Since the US assumed control, trading companies Vitol and Trafigura have marketed and traded most of Venezuela's oil under the agreement. Concurrently, partners of Venezuela's state oil company PDVSA are increasing both production and exports. Wright has predicted that total oil sales revenue will reach USD 5 billion in the coming months.

US President Donald Trump previously stated that the initial goal for the agreement was to sell 30-50 million barrels of oil.

Wright also indicated that independent Chinese refineries, which previously imported Venezuelan oil, could continue purchasing the country's crude oil on the open market. Additionally, millions of barrels of Venezuelan oil currently held in floating storage in the country's waters are in the process of being sold.

Ngoc Anh (According to Reuters, Yahoo News)