The US-facilitated sales of Venezuelan crude cargoes have so far netted $500mn, and "additional sales are expected in the coming days and weeks", a US official said on Wednesday.
No details were immediately available on the destinations or volumes sold. Venezuelan Merey cargoes for January delivery to Chinese ports — sold before the US took over Venezuelan oil sales — were offered at a $10-12/bl discount to Ice Brent futures.
Oil trading companies Trafigura and Vitol received authorization from President Donald Trump's administration last week to market Venezuelan cargoes.
"President Trump's team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela's oil infrastructure," the White House said.
The Trump administration says it plans to sell 30mn-50mn bl of crude held in floating and onshore storage in Venezuela, as well as all of the country's future production.
Proceeds from sale are to be held in accounts controlled by the US Treasury Department. The Trump administration has yet to provide details on how it will disperse the funds and whether it will authorize Venezuelan interim president Delcy Rodriguez's government to spend them.
