US awards its first contract to sell seized Venezuelan oil
The sale was conducted through a closed auction organized by the US Department of Energy, with Vitol securing roughly $250 million worth of Venezuelan crude. Another trading company, Trafigura, has reportedly purchased an additional $250 million of oil under the same program, with more sales expected in the coming days and weeks.
The crude being sold comes from shipments intercepted under a US military initiative targeting Venezuelan oil flows. The administration has framed these operations as part of a broader effort to control sanctioned oil exports from Venezuela, Iran, and Russia.
This initial sale is part of a larger plan to market up to 50 million barrels of Venezuelan crude now under US oversight. The Trump administration has emphasized that control of Venezuelan oil production and exports is a central component of its strategy. President Trump has stated that the United States will “run” Venezuela during a transitional period and needs “total access… to the oil and to other things in their country.”
A senior Vitol trader involved in securing the deal reportedly met with Trump at the White House last week and has donated over $6 million to political action committees supporting Trump’s campaign. The proceeds from these oil sales are being kept under US-controlled accounts, with arrangements in place to facilitate secure transactions and protect the funds.
The program reflects Washington’s broader goal of leveraging seized Venezuelan crude as both a strategic and economic asset while asserting influence over the country’s oil sector.
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