Venezuela has reached an agreement with the US to export up to $2 billion worth of oil, diverting supply from China to mitigate decreased output. Trump’s push for increased access by US oil companies to Venezuela’s industry has shaped this new deal, marking a significant shift in relations between the two nations.

Since December, a US export blockade has stranded millions of barrels of Venezuelan crude, escalating pressure on Maduro’s government and resulting in his capture by US forces. Venezuela denounces this as a kidnapping and accuses the US of trying to control their oil reserves.

President Trump claims Venezuela will transfer 30-50 million barrels of “sanctioned oil” to the US, to be sold at market price for the benefit of both nations. The deal will be overseen by US Energy Secretary Chris Wright, involving direct transfers of oil from tankers to US ports, potentially redirecting shipments intended for China.

This agreement reflects a departure from previous deals with China, as the US imposed sanctions in 2020 on companies involved in Venezuelan oil trade. Trump’s insistence on full access to Venezuela’s oil sector for private companies signals a new chapter in bilateral relations, with potential implications for global oil markets.

Read more at Yahoo Finance: Venezuela agrees to $2bn oil export deal with US