Washington completes full transfer of initial oil sale proceeds
The United States has now returned the full $500 million from the first sale of Venezuelan oil to the Venezuelan government, a U.S. official announced on Tuesday, marking a significant step in the implementation of the energy agreement struck with Caracas last month.
The final $200 million installment of the oil revenue was recently sent to Venezuelan authorities, the official, who spoke on condition of anonymity, told reporters. The transfer completes the return of all funds generated from the initial sale of crude under the deal between the two governments.
The agreement was reached in the wake of political upheaval in Venezuela earlier this year, including the capture of President Nicolás Maduro by U.S. forces on January 3, according to reports. While the oil sale proceeds were initially held in a temporary account in Qatar, the latest payment brings all of the $500 million back into Venezuelan hands under terms set by Washington.
The U.S. official said the money is to be “disbursed for the benefit of the Venezuelan people at the discretion of the U.S. government,” underscoring Washington’s stated goal of using the funds to support essential services and economic stability.
In testimony before lawmakers last week, U.S. Secretary of State Marco Rubio described the U.S. role in the oil sale as a temporary measure intended to help Venezuela avoid economic collapse by allowing the country to generate much‑needed revenue. Rubio said the arrangement aimed to help Venezuela pay for vital public services, including salaries for teachers, firefighters, and police.
Officials also noted that future sales proceeds are expected to be held in U.S. accounts and disbursed according to agreed procedures that outline how the Venezuelan government or its agencies can access the funds.
The completion of this financial transfer comes as part of broader shifts in U.S.–Venezuelan relations, including ongoing discussions about Venezuela’s oil industry and economic reforms, even as sanctions and oversight remain in place.
