US officially starts to sell Venezuelan oil: US official

THE United States has finished its first sale of Venezuelan oil, valued at 500 million U.S. dollars, a U.S. official said on Wednesday, adding that more oil sales are expected in the coming days and weeks.

AI Brief

The Trump administration now presents control of Venezuelan oil sales as an economic gain for the US.
Venezuela is expected to turn over 3050 million barrels of sanctioned crude to the United States.
Venezuela holds the world's largest proven oil reserves, making the shift highly significant for global energy dynamics.

The U.S. military forces raided and seized Venezuelan President Nicolas Maduro and his wife on Jan. 3 after carrying out a large-scale strike.

Since then, U.S. President Donald Trump's administration has quickly pivoted to portraying the move as a newfound economic opportunity, saying that the U.S. will be controlling Venezuelan oil sales indefinitely and that the Venezuelan authorities "will be turning over" between 30 million and 50 million barrels of sanctioned oil to the United States.

Venezuela has the world's largest proven crude oil reserves, with approximately 303 billion barrels or about 17 percent of the global total, according to the U.S. Energy Information Administration.