Overview
- U.S. Energy Secretary Chris Wright said sales are on track to reach about $2 billion by the end of February, with roughly 40 million barrels sold at around $50 per barrel.
- Trading houses Vitol and Trafigura have handled most marketing so far as Chevron and other PDVSA partners increase output and shipments to buyers in Asia and Europe.
- Proceeds from Venezuela’s exports are being routed to a U.S.-supervised fund in Qatar following the U.S. capture of Nicolás Maduro and assumption of export control in January.
- Venezuela’s oil ministry suspended 19 production‑sharing contracts signed under Maduro for a joint review with Washington, with no immediate impact on output as PDVSA sells those barrels.
- OFAC issued new general licenses, including GL 50, allowing select Western firms to operate, yet major oil companies remain wary of new investment given legal and operational risks and long lead times to rebuild capacity.