Venezuela Receives $300 Million from Oil Sales After U.S. Deal

Venezuela has received $300 million in oil sale proceeds, interim president Delcy Rodríguez said on Tuesday, confirming the first inflow of funds linked to a 50-million-barrel oil deal announced by U.S. President Donald Trump earlier this month.

Rodríguez said the funds form part of an initial $500 million tranche and were generated from crude sales following the detention of President Nicolás Maduro.

Speaking at a public event in Caracas, she said the money would be channelled through Venezuela’s exchange market by domestic banks and the central bank to support currency stability and domestic purchasing power.

• Delcy Rodríguez says Venezuela received $300M from oil sale under U.S. deal
• Funds from first US-linked oil sale aim to stabilise Venezuela’s exchange market
• Venezuela plans debate on oil law reforms amid revenue inflow after Trump agreement 

“These first funds will be used through the exchange market in Venezuela, by national banks and the central bank, to consolidate and stabilise the market and protect the incomes and purchasing power of our workers,” Rodríguez said.

Trump said separately that the United States oil seizure involved taking 50 million barrels from Venezuela and selling part of the supply in the open oil market. However, shipping records cited by Reuters indicate that the full volume has not yet been exported, raising questions over the timing and structure of the transactions.

Reuters reported last week that Venezuelan banks were informed they would divide the $300 million deposited in an account in Qatar, allowing them to sell dollars to Venezuelan companies seeking foreign exchange to pay for raw materials and imports. Chronic dollar shortages have long constrained industrial activity in the country.

Separately, Rodríguez’s brother and senior lawmaker Jorge Rodríguez said reforms to Venezuela’s hydrocarbons law are expected to be debated for the first time this week. He said the proposed changes would be based on oil sector partnerships first introduced during Maduro’s presidency.

The current hydrocarbons law relies on a single joint-venture model controlled by state oil company PDVSA. In recent years, Venezuela has introduced “productive participation contracts” for new projects, though the terms have not been publicly detailed.

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Jorge Rodríguez said these partnership contracts would be a core element of the legal reform aimed at attracting foreign investment in Venezuela’s oil industry.