"After transferring between 30 and 50 million barrels of crude to the US, Venezuela has received $500m from its first oil sale under a US-brokered agreement. The deal, reached last month, provides a lifeline for Venezuela's struggling economy. However, the government does not control the proceeds. Instead, funds are deposited into a restricted account in Qatar, subject to US approval, to pay public sector salaries and essential services."
"This new agreement came amid major political changes following the US military abduction of President Nicolas Maduro. On January 15, acting President Delcy Rodriguez proposed reforms to Venezuela's hydrocarbons law, aiming to attract foreign investment by easing restrictions that had favoured nationalisations for the past 25 years. US Energy Secretary Chris Wright also said on Friday that he plans to visit Venezuela soon to meet all the leadership and assess oil and gas operations, as Washington signals it intends to oversee Venezuela's oil sector."
Venezuela transferred between 30 and 50 million barrels of crude to the United States and received $500m from the first oil sale under a US-brokered deal. Proceeds are not controlled by the Venezuelan government and are deposited into a restricted account in Qatar, with US approval required to pay public sector salaries and essential services. The agreement arrived amid major political upheaval after the US military abduction of President Nicolas Maduro on January 3, 2026. The Supreme Tribunal declared Maduro's forced absence and named Delcy Rodriguez acting president. Rodriguez proposed hydrocarbons law reforms on January 15, and US Energy Secretary Chris Wright plans a visit to assess oil and gas operations.
Read at www.aljazeera.com
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