Philenews

Venezuela Receives $300 Million from Oil Sales to the US

Published January 21, 2026, 09:18
Venezuela Receives $300 Million from Oil Sales to the US

Venezuela has received $300 million from the sale of crude oil to the United States, which will be used to support the local currency, the bolivar, which has suffered significant depreciation. The interim leader of Venezuela, Delcy Rodriguez, stated that this amount will be used to “stabilize” the foreign exchange market and protect the income of workers. This sale is part of a “historic energy agreement” brokered by US President Donald Trump. Trump stated that the oil could be sold at market prices and that the revenues would be “controlled by me.” The foreign exchange market has been vital to the Venezuelan economy since 2018, when the bolivar became almost worthless and the dollar became the de facto currency. The lack of dollars, caused by the six-year US embargo on Venezuelan oil, has skyrocketed the value of the dollar. By intervening in the foreign exchange market, the Venezuelan government aims to gradually reduce the gap between the official and black market exchange rates. Before the US raid in Caracas, Venezuela offered large discounts on the price of its oil to circumvent the embargo, with China as its main customer. Washington began restricting these sales last December.