The United States has successfully concluded its inaugural petroleum transaction with Venezuela, marking a significant milestone in the recently established $2 billion energy agreement between the two nations. According to a senior U.S. administration official who spoke with Reuters on Wednesday, this initial sale represents approximately $500 million in value, with subsequent transactions anticipated throughout the coming weeks.
The revenue generated from these oil sales is being securely held within U.S. government-controlled banking institutions, as mandated by an official order issued on Friday. Financial industry sources reveal that the primary escrow account has been established in Qatar, strategically selected as a neutral financial jurisdiction that facilitates secure fund transfers with American oversight while minimizing risks of asset seizure.
This development follows the broader bilateral arrangement reached earlier this month between the administrations in Caracas and Washington, representing a notable shift in energy diplomacy between the historically opposed nations. The selection of Qatar as the financial intermediary highlights the complex international dimensions of this economic relationship, with the Gulf nation providing a mutually acceptable banking solution that satisfies both parties’ security requirements.
The completion of this transaction was initially reported by Semafor, with subsequent confirmation from U.S. officials indicating that the framework for additional petroleum sales under the $2 billion agreement is now operational.