U.S. Sells Venezuelan Oil at 30% Higher Prices After First $500M Sale

The United States has achieved about 30 % higher realized prices on Venezuelan crude since taking control of sales following the capture of former President Nicolás Maduro, U.S. Energy Secretary Chris Wright said Thursday at an industry event. “We’re getting about a **30 % higher realized price when we sell the same barrel of oil than they sold the same barrel of oil three weeks ago,” Wright said, without specifying exact figures.

Washington has completed its first sale of Venezuelan crude valued at approximately $500 million, and further transactions are anticipated in the coming days and weeks under a broader energy agreement between the two nations. This marks a significant moment in U.S.–Venezuela energy relations following months of political upheaval.

The Trump administration has said it plans to sell up to 50 million barrels of Venezuelan oil — much of which had been stranded under sanctions — and may continue selling production indefinitely. Previously, buyers in Asia demanded steep discounts for Venezuelan crude due in part to a global surplus of discounted Russian and Iranian oil and logistical concerns, forcing the state oil company Petróleos de Venezuela S.A. to slash prices to remain competitive.

Despite the country’s position as home to the world’s largest proven oil reserves — roughly 303 billion barrels — Venezuela’s production has declined sharply over decades due to underinvestment, mismanagement and sanctions. Before recent developments, output stood near 800,000 barrels per day, down from historical peaks near 3.5 million bpd.

President Donald Trump said previously that revenue from these sales would be distributed in ways intended to benefit both Venezuelans and Americans, with proceeds controlled through U.S.-supported mechanisms to avoid misuse. Ongoing discussions with U.S. oil firms aim to attract investment to rebuild Venezuela’s aging oil infrastructure, though some executives have described the market as “uninvestable” without significant legal and commercial reforms.

For now, the improved pricing for Venezuelan crude reflects a shift in market dynamics under U.S. management, and underscores Washington’s strategic leverage as it monetizes assets previously hindered by sanctions and regional instability.