Latest update August 10th, 2026 12:59 AM
Latest News
- CCJ under pressure as judges’ leaked emails raise questions over independence
- Guyana must now receive its 50% profit in Exxon deal
- Israel rejects Trump’s 15-point plan for Gaza, stoking tensions with U.S.
- ‘Hands off the Kurupung’ – Region 7 Vice-Chair warns EPA against approving uranium drilling
- Canje businessman killed after struck by car driven by Dr. Ramayya
US says it has returned to Venezuela all $500 million of initial oil sale
(Reuters) – The United States has now returned to the Venezuelan government all $500 million from the initial sale of oil that was part of a deal reached between Caracas and Washington last month, a U.S. official said on Tuesday.
The last $200 million from the sale has been sent to Venezuela, the official said, speaking on condition of anonymity. The deal came about after Venezuelan President Nicolas Maduro was captured in a U.S. military operation on January 3.
“Venezuela has officially received all $500 million from the first Venezuelan oil sale,” the official said.
A view of the installations at the Puerto La Cruz oil refinery of Venezuelan state oil company PDVSA in Puerto La Cruz, Venezuela, January 23, 2026. REUTERS/Samir Aponte/File Photo.
The official added that the money is to be “disbursed for the benefit of the Venezuelan people at the discretion of the U.S. government.”
Last week during testimony on Capitol Hill, Secretary of State Marco Rubio said U.S. involvement in the sale of Venezuelan oil was a short-term effort aimed at stabilizing the country, keeping the government afloat and helping the people.
“So, in essence, we allowed Venezuela to use their own oil to generate revenue to pay teachers and firefighters and police officers and keep the function of government operating so we didn’t have systemic collapse,” he said.
The funds had been held in Qatar and intended as a “temporary, short-term account to ensure Venezuela received the funds needed to operate,” the U.S. official said.
The official added that the long-term goal for future sales is to move the proceeds “into a fund located in the U.S. and to authorize expenditures for any obligation or expense of the government of Venezuela or its agencies and instrumentalities upon instructions that are consistent with agreed upon procedures.”
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
Blunt of the day
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
