U.S. Energy Secretary Chris Wright said Washington is ready to sell Venezuelan oil for about $45 a barrel, even though global prices are much higher right now. Brent crude futures closed at about $64.13 a barrel on Friday, according to Reuters.
Wright said the U.S. can sell this oil right away and will price it around $45 a barrel, which is roughly a $15 discount compared with typical market levels. That’s because the U.S. is marketing Venezuelan crude that was previously stuck and bringing it into the global market now that it has control over the sales.
He also explained that the money from these oil sales is being held in bank accounts in Qatar that are controlled by the United States. This setup reflects current U.S. banking rules and sanctions, and Wright said it’s a practical way to manage the funds quickly. He added that moving the money back into U.S. banks is something the U.S. would like to do in the future.
Earlier, President Donald Trump had said the Venezuelan oil the U.S. receives would be sold at market prices, and the current plan reflects that idea, even if the price is below the global benchmark right now.
In simple terms: the United States is ready to sell Venezuelan oil at a discount to get it into the market fast, hold the proceeds in U.S.-controlled accounts abroad, and potentially bring the funds back home later.
