Venezuelan oil is currently being sold at prices approximately 30% higher, according to U.S. Energy Secretary Chris Wright. This significant increase comes after the U.S. initiated sales of oil from Venezuela, following the capture of its former president, Nicolas Maduro. On January 15, 2026, it was reported that the first transaction, valued at around $500 million, has been successfully completed, with additional sales anticipated in the near future.
During a recent event hosted by the U.S. Energy Association, Wright indicated, "We are achieving about a 30% higher realized price for each barrel compared to what was being sold just three weeks ago," although he did not disclose specific pricing details. This development unfolds shortly after special forces apprehended Maduro earlier this month, an operation that the U.S. government described as part of efforts to restore political stability in Venezuela.
Last week, President Donald Trump stated that Venezuela is set to transfer between 30 million and 50 million barrels of oil, which have been restricted under U.S. sanctions, at current market prices. He emphasized his control over the proceeds to ensure that they benefit both the Venezuelan and American economies. This marks just the beginning of a series of oil transactions, as the Department of Energy has assured that sales will continue indefinitely.
Venezuela boasts the largest proven reserves of crude oil globally, totaling approximately 303 billion barrels. However, due to years of inadequate investment, the country's oil production has dramatically declined from a peak of 3.5 million barrels per day in the 1990s to around 800,000 barrels per day today.
Additionally, Trump revealed plans for oil companies to invest no less than $100 billion into revitalizing Venezuela's energy sector, assuring potential investors of security measures to facilitate profitable returns. He met with executives from major oil corporations such as Exxon, Chevron, ConocoPhillips, Halliburton, Valero, and Marathon at the White House to discuss these investments. Despite this optimism, Exxon CEO Darren Woods cautioned that the current state of the Venezuelan market renders it "uninvestable."
It's worth noting that Venezuela had previously nationalized the assets of Exxon and Conoco in 2007, leading to outstanding claims amounting to billions of dollars that remain unresolved.
These developments arrive amid a global oil market grappling with surplus stock, which has pressured prices over the last year. As of 8:33 p.m. ET, Brent crude futures rose slightly by 0.14% to $63.85 per barrel, while U.S. West Texas Intermediate crude saw a 0.2% increase to $59.31, following a significant decline earlier in the week as traders seemed to disregard rising tensions between the U.S. and Iran.
Baron Lamarre, a former trading chief at Petronas and co-founder of Index, remarked, "Venezuela's oil predicament is not merely a technical or commercial challenge; it fundamentally stems from human and political issues. Until there is assurance of stable political governance, investor confidence will likely remain cautious, incremental, and conditional."
