Venezuela received $300 million on Tuesday as the first installment from oil sales to the United States, interim President Delcy Rodriguez announced on social media. The payment is part of a larger $500 million deal announced by President Donald Trump following the U.S. capture of President Nicolas Maduro on Jan. 3. Rodriguez said the funds will be routed through Venezuela’s national banking system and the Central Bank to support workers’ purchasing power and stabilize the foreign exchange market amid ongoing inflation.
The oil agreement came after negotiations between Caracas and Washington, allowing the U.S. to manage up to 50 million barrels of Venezuelan crude while maintaining control over commercialization and revenue management. Jorge Rodriguez, president of Venezuela’s National Assembly, emphasized that the legislature aims to pass laws aligned with the country’s new economic reality, including reforms to the Organic Law of Hydrocarbons. He highlighted the Chevron model as a potential framework for boosting oil production despite sanctions, under which Chevron operates joint ventures with the state oil company PDVSA while the state retains a majority stake. This model, permitted through special U.S. licenses and Venezuela’s Anti-Blockade Law, has allowed limited foreign investment but created legal ambiguities under traditional oil law.
Comments
Post a Comment