By Micah Jonah
January 16, 2026
U.S. Energy Secretary, Chris Wright says the United States is earning about 30% more from the sale of Venezuelan crude oil than Venezuela received for the same barrels weeks earlier.
Speaking at an energy industry event in Washington, Wright said the higher returns followed recent U.S. control and resale of Venezuelan oil shipments, though he did not disclose exact price figures.
A U.S. official confirmed that the first oil sales under a new deal between Washington and Caracas have been completed, totaling about $500 million, with further sales expected in the coming weeks as part of a broader $2 billion arrangement.
The Trump administration has said it plans to sell up to 50 million barrels of Venezuelan oil and continue selling future production indefinitely.
Previously, Venezuelan crude had been sold at deep discounts due to U.S. sanctions, quality concerns, competition from discounted Russian and Iranian supplies, particularly in Asian markets. Recent offers for Venezuela’s Merey heavy crude in the U.S. Gulf Coast have shown smaller discounts compared with earlier levels, reflecting improved pricing conditions.
