Venezuela announces new oil sale contracts for the United States market

Caracas.– Venezuela signed new contracts for the sale of oil and derivatives for their commercialization in the United States, reported this Monday the state-owned Petróleos de Venezuela (PDVSA), weeks after both countries sealed a long-term energy agreement. “PDVSA has signed supply contracts with companies that market oil and derivatives for the United States market,” the state-owned company reported without identifying the companies or offering more details about the contracts, in a statement published on its Telegram account. In the text, it was pointed out that these contracts maintain the “historic commercial relationship” with the United States and reiterated “its commitment to the stability of the international energy market”, while insisting on the Venezuelan government’s request for the cessation of sanctions imposed on the industry. “The Venezuelan nation reiterates the need for a hydrocarbons industry free of sanctions, to boost national production and strengthen international trade,” he added. Following the capture of President Nicolás Maduro during the U.S. military attack on January 3rd, Delcy Rodríguez assumed the functions of the Executive, proclaimed a “new political moment” in Venezuela, and has promoted several reforms, including an opening of the hydrocarbons sector to foreign investment.

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Bilateral Energy Agreement

Last Thursday, the acting president assured that Caracas and Washington are opening “a new agenda of cooperation” bilaterally, and since her inauguration as President she has received several high-ranking US officials, including the Secretary of Energy, Chris Wright, with whom she sealed a long-term bilateral energy agreement a few weeks ago. The U.S. President, Donald Trump, highlighted last Tuesday in his State of the Union address the arrival of 80 million barrels of crude oil from Venezuela, a country he called a “new friend and partner”. The Chavista government has denounced on multiple occasions that billions of dollars belonging to Venezuela, as well as gold and other assets, are blocked abroad due to international sanctions, including those of the U.S. On January 27th, Rodríguez announced the unfreezing of assets from his country in the U.S. as a result of dialogues with the Trump administration and reported the purchase, in the North American nation, of equipment for hospitals with these released resources. The U.S. Treasury Department has also announced, within the framework of these approaches, some licenses that ease restrictions for foreign oil companies to operate in Venezuela and also grant permits to five specific companies, including the Spanish Repsol, although under strict conditions of control and reporting.