U.S. Races to Sell Venezuelan Oil, Transforming Ties With Former Foe
The New York Times • • nation
Key Points:
- The U.S. Department of Energy is facilitating the sale of approximately 50 million barrels of Venezuelan oil that have been trapped due to a partial blockade initiated during the Trump administration.
- The first sale of this stranded oil has already taken place, with plans for ongoing sales indefinitely.
- The initiative aims to prevent the collapse of Venezuela’s oil industry, which is vital to the country’s economy and revenue.
- Success in these sales could lead to expanding the deal beyond the currently stored barrels, potentially opening Venezuela’s vast oil reserves to American investment.
- This effort aligns with U.S. goals to stabilize Venezuela’s interim government and meet demands for greater access to the country's proven oil resources.
