US makes initial $500M Venezuelan oil deal; some proceeds headed to Qatari bank

[hay rick]

5. Most of the oil is going to China, LOL

Article here:https://www.reuters.com/business/energy/trading-houses-beat-us-majors-first-deals-venezuelan-oil-2026-01-12/

From the article:

The first companies to secure any business in the wake of the U.S. military action in Caracas, however, were Dutch-based trader Vitol and Singapore-headquartered peer Trafigura, rather than U.S. majors.

The U.S. government tapped the giant merchant houses because they were better suited to quickly get Venezuelan oil exports flowing again, four industry sources familiar with the negotiations said. That is the first order of business for Washington before reconstruction can begin, so that revenue from exports under U.S. supervision can fund the government of interim President Delcy Rodriguez in Caracas.

.......

Most of the $2 billion of oil in the deal being finalized was initially set for shipment to Chinese refiners. Chinese independent refiners have been the top buyers of Venezuelan crude since the U.S. imposed sanctions on the country's main traders in 2020.