Oil sales from Venezuela set to continue indefinitely as U.S. sanctions are reduced

Sources close to the White House told CNBC that Venezuela will supply an initial 30–50 million barrels of previously sanctioned oil to be sold at market prices, and that sales would continue indefinitely while U.S. sanctions would be rolled back; the report said some shipments originally bound for China would be rerouted to the U.S.

Sources close to the White House told CNBC that oil sales from Venezuela will continue indefinitely and that U.S. sanctions on Caracas would be reduced under an agreement. President Donald Trump said Venezuela would turn over 30 million to 50 million barrels of sanctioned oil, to be sold at market prices. The report described those 50 million barrels as the first tranche and said further sales would continue. It also said some shipments that had been bound for China would be rerouted to the United States. Reported details: - Sources told CNBC that Venezuela will supply an initial 30 million to 50 million barrels of sanctioned oil to be sold at market prices. - The report described those 50 million barrels as the first tranche and said sales would continue indefinitely. - U.S. sanctions on Caracas were reported to be rolled back as part of the agreement. - The article said some oil shipments that had been bound for China would be rerouted to the U.S. - The report cited data from energy consulting firm Kpler noting Venezuela has the largest proven crude oil reserves and is producing about 800,000 barrels per day, with a majority of exports going to China. Summary: If implemented, the reported agreement would keep Venezuelan oil flowing into international markets and involve easing U.S. sanctions on Caracas. The report did not provide a detailed timeline or immediate procedural steps. Undetermined at this time.