"On Wednesday, US President Donald Trump's administration, which has threatened Venezuela's interim government with further consequences if it does not cooperate with its demands, said Washington would control Venezuela's oil sales indefinitely. US Energy Secretary Chris Wright said the US had already started marketing the sanctioned oil, held in storage until now due to the US embargo on Venezuelan exports, and that it planned to control all future sales."
"Proceeds from those sales will be held in US Treasury accounts, with the money to be shared between the US and Venezuela, Wright said, without offering further details, including what proportion of the proceeds would go to Caracas. Wright's comments came a day after the Trump administration said it had struck a deal with Caracas to export up to $2bn worth of Venezuelan crude to the US, under which Venezuela will be turning over between 30 and 50 million barrels of sanctioned oil."
Venezuelan oil sales are now under indefinite US control following the capture of President Nicolas Maduro. The US has begun marketing sanctioned oil held in storage under the embargo and plans to control future sales. Proceeds from those sales will be held in US Treasury accounts and shared between the US and Venezuela, though the split has not been disclosed. The US struck a deal to import up to $2bn of Venezuelan crude, involving 30–50 million barrels. Longer-term outcomes depend on potential easing of sanctions, future US investment in oil equipment and capital, and relations between Caracas and Washington.
Read at www.aljazeera.com
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