Venezuela and US move closer on major oil deal

Business Jan 08, 2026

Venezuela's state oil company, PDVSA, is working out a big oil sale with the US—up to $2 billion worth of crude.
This follows a fresh agreement on Tuesday, as the US looks to tap into Venezuela's oil market after Delcy Rodriguez was named interim president.

What's going on behind the scenes?

Both sides are ironing out legal details to make sure the deal is fair and above board—kind of like what PDVSA already does with Chevron.
PDVSA says sales should happen at global prices, not as debt.
Meanwhile, Chevron remains the only company allowed by the US to export Venezuelan oil due to sanctions, but ongoing blockades still make it tough for Venezuela to ship oil freely, especially to places like China.