U.S. getting 30% higher price for Venezuela oil says energy chief
Nave Photon, carrying crude oil from Venezuela, docked at the Port of Freeport in Freeport, Texas, USA, on January 15, 2026.
Antranik Tavitian | Reuters
The United States has secured nearly 30% higher prices for Venezuelan crude as the country began selling oil from the Latin American nation after taking on former President Nicolas Maduro, Energy Secretary Chris Wright said Thursday.
Washington has completed its first sale of Venezuelan oil worth about $500 million, with more expected in the coming days and weeks, according to a U.S. Department of Energy spokesman.
“When we sell the same barrel of oil, we get a realized price that is about 30% higher than when they sold the same barrel of oil three weeks ago.” Wright said at the US Energy Association event:without specifying a price.
US special forces captured Maduro earlier this month during an operation that Washington said was aimed at restoring political stability.
President Donald Trump said last week that Venezuela would deliver 30 million to 50 million barrels of oil currently under U.S. sanctions, which would be sold at prevailing market prices. In a social media post, he stated that the proceeds would be controlled by him to ensure the funds benefit both Venezuela and the United States.
This will only be the first tranche of oil, as the Energy Department has said oil sales from Venezuela will continue “indefinitely.”
Venezuela has the world’s largest proven crude reserves at approximately 303 billion barrels, but years of underinvestment have sent its oil industry into severe decline; Production is now around 800,000 barrels per day, down from a peak of 3.5 million barrels per day in the 1990s.
Trump also announced last Friday that oil companies would invest at least $100 billion to rebuild Venezuela’s energy sector, adding that the United States would provide security to ensure investors earn strong returns.
He met at the White House with oil industry leaders from Exxon, Chevron, ConocoPhillips, Halliburton, Valero and Maratho to discuss investments in Venezuela. Exxon CEO Darren Woods told Trump that the Venezuelan market is “uninvestable” in its current form.
Venezuela seized the assets of Exxon and Conoco in 2007, and Caracas owes those companies billions of dollars in arbitration cases.
The developments come as global oil markets faced an oversupply that put pressure on prices last year.
Brent futures were up 0.14% to $63.85 a barrel as of 8:33 p.m. ET, while U.S. West Texas Intermediate crude was up 0.2% to $59.31 a barrel. This follows a sharp decline on Thursday as traders tried to weather tensions between the United States and Iran.
“Venezuela’s oil problem is not technical, not commercial, but fundamentally human and political,” said Baron Lamarre, former chief commercial officer of Petronas and co-founder of Index. he said.
“Capital will remain cautious, gradual and conditional until investors have confidence in long-term political continuity,” he said.
