The Nave Photon, carrying crude oil from Venezuela, docks at the Port of Freeport in Freeport, Texas, U.S., January 15, 2026.
Anthranik Tavitian | Reuters
Energy Secretary Chris Wright on Thursday predicted a nearly 30% increase in Venezuelan crude prices as the US began selling oil from the Latin American country following the arrest of former President Nicolas Maduro.
Washington has completed the first sale of nearly $500 million worth of Venezuelan oil, with more expected in the coming days and weeks, according to a U.S. Department of Energy spokesman.
“When we sell the same barrel of oil, we get a price 30% higher than what they sold a barrel of oil three weeks ago,” he said. Wright said this at an event of the US Energy Associationwithout showing prices.
US special forces captured Maduro earlier this month Washington during an operation aimed at restoring political stability.
President Donald Trump said last week that Venezuela would Delivers 30 million to 50 million barrels Oil currently under US sanctions was traded at prevailing market prices. In a post on social media, he noted that he personally controls the proceeds to ensure that the funds benefit both Venezuela and the United States.
This would be only the first tranche of oil, as the Energy Department said oil sales from Venezuela would continue “indefinitely.”
Venezuela has the world’s largest proven crude oil reserves at about 303 billion barrels, but years of disinvestment have left its oil industry in deep decline, now producing about 800,000 bpd from a peak of 3.5 million bpd in the 1990s.
Trump announced last Friday that oil companies would invest at least $100 billion in rebuilding Venezuela’s energy sector and said the U.S. would provide security to ensure strong returns for investors.
He met with oil industry executives from Exxon, Chevron, ConocoPhillips, Halliburton, Valero and Maratho at the White House to discuss investment in Venezuela. Exxon CEO Darren Woods told Trump that the Venezuelan market “non-investable” as it stands..
Venezuela seized the assets of Exxon and Conoco in 2007, and Caracas owes the companies money. billions of dollars on outstanding claims in arbitration cases.
The developments come as global oil markets grapple with a supply glut that has weighed on prices over the past year.
Brent futures were up 0.14% at $63.85 a barrel by 8:33 p.m. ET, while U.S. West Texas Intermediate crude was up 0.2% at $59.31. This follows Thursday’s sharp decline as traders seem to defuse tensions between the US and Iran.
“Venezuela’s oil problem is not technical and not commercial, it is fundamentally human and political,” said Baron Lamarre, former head of trading at Petronas and founder of Index.
“As long as investors are confident of long-term political continuity, capital will remain cautious, bullish and conditional,” he said.