U.S. Secures Higher Prices for Venezuelan Oil Following Maduro's Capture

The United States is securing about 30% higher prices for Venezuelan crude oil following the capture of former President Nicolás Maduro, Energy Secretary Chris Wright announced on Thursday. The U.S. has completed its first sale of Venezuelan oil, valued at approximately $500 million, with additional sales anticipated in the coming weeks.

"We're getting about a 30% higher realized price when we sell the same barrel of oil than they sold the same barrel of oil three weeks ago," Wright stated at a U.S. Energy Association event, without specifying exact prices.

Earlier this month, U.S. special forces captured Maduro during an operation aimed at restoring political stability in Venezuela. President Donald Trump indicated that Venezuela would transfer between 30 million and 50 million barrels of oil currently under U.S. sanctions, to be sold at prevailing market prices. He noted that the proceeds would be controlled by the U.S. to ensure the funds benefit both Venezuela and the United States.

The Department of Energy has stated that oil sales from Venezuela will continue "indefinitely." Venezuela holds the world's largest proven crude reserves, estimated at about 303 billion barrels. However, years of underinvestment have led to a decline in its oil industry, with current output around 800,000 barrels per day, down from a peak of 3.5 million barrels per day in the 1990s.

President Trump also announced that oil companies would invest at least $100 billion to rebuild Venezuela's energy sector, with the U.S. providing security to ensure investors achieve strong returns. He met with leaders from Exxon, Chevron, ConocoPhillips, Halliburton, Valero, and Marathon at the White House to discuss investments in Venezuela. Exxon CEO Darren Woods expressed concerns about the current state of the Venezuelan market, describing it as "uninvestable."

Venezuela previously seized assets from Exxon and Conoco in 2007 and owes the companies billions of dollars in outstanding claims from arbitration cases. These developments occur as global oil markets face a supply overhang that has affected prices over the past year. Brent futures inched 0.14% higher to $63.85 a barrel, while U.S. West Texas Intermediate crude rose 0.2% to $59.31, following a sharp decline on Thursday as traders appeared to downplay tensions between the U.S. and Iran.