"I announce that we have received the first USD 300 million from oil sales revenue," Interim President of Venezuela Delcy Rodriguez stated during an event on 20/1 in Caracas.
Rodriguez explained that these funds would be channeled through Venezuela's foreign exchange market, managed by domestic banks and the central bank. The objective is to "strengthen and stabilize the market, while protecting workers' income and purchasing power."
On the same day, US President Donald Trump announced that Washington had taken possession of all 50 million barrels of oil from Caracas and was selling a portion on the market. However, Reuters, citing shipping data, reported that the oil had not yet departed port.
Reuters reported last week that four Venezuelan banks had been informed by the government about the allocation of USD 300 million in oil sales revenue. The funds, deposited in an account in Qatar, will be used by these banks to sell US dollars to Venezuelan businesses requiring foreign currency for raw material payments.
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Interim President of Venezuela Delcy Rodriguez speaks at a press conference on 14/1 in the capital Caracas. Photo: AFP |
Following a campaign to detain President Nicolas Maduro and his wife on 3/1, President Trump and White House officials declared they would control Caracas's oil sales "indefinitely." They emphasized, however, that the US was "not stealing oil" from Venezuela.
US Energy Secretary Chris Wright indicated that the US would allow Venezuelan oil to be shipped to US refineries and the global market, rather than maintaining a blockade. Washington plans to manage current crude oil inventories and future oil production.
Oil sales revenue will be transferred into accounts controlled by the US government, then returned to Venezuela to "serve the people."
On 9/1, President Trump signed an executive order declaring a national emergency to prevent any attempts to seize Venezuelan oil revenue held in US Treasury accounts. Any judicial process aimed at confiscating these funds would be considered "severely detrimental to the national security and foreign policy" of the US.
The White House leader also stated that Venezuela had agreed to allow the US to refine and sell 50 million barrels of oil. On 12/1, he mentioned that this oil, "worth USD 4.2 billion," was en route to the US.
Venezuela possesses the world's largest oil reserves, estimated at approximately 303 billion barrels. The nation once supplied 7% of global oil output, but now contributes less than 1%. This decline is attributed to US sanctions and underinvestment in the oil sector, partly because Venezuela's heavy oil is costly to extract and process.
Duc Trung (According to Reuters, AFP, AP)
