U.S. Completes First $500M Venezuelan Oil Sale

The United States has completed the first sale of Venezuelan oil worth around $500 million.

The sale is part of a $2 billion agreement reached earlier this month between Caracas and Washington.

Additional oil sales are expected in the coming days and weeks, the official added.

Revenue from the initial sale is being held in bank accounts controlled by the U.S. government, according to an administration official.

The main account is reportedly located in Qatar, which was chosen as a neutral venue where funds can be transferred with U.S. approval and without risk of seizure.

This marks the first such sale since the U.S. took control of Venezuela’s oil sector following the political upheaval that toppled President Nicolás Maduro. (Agencies)