To The Moon

US Energy Secretary Chris Wright stated on Thursday that since the arrest of Venezuela's former President Maduro, the United States has begun selling the South American nation's oil, with the actual selling price the US is obtaining for Venezuelan crude currently about 30% higher than the price Venezuela received for similar crude a few weeks ago. Speaking at an event hosted by the US Energy Association, Wright said, "The actual price we are getting now for an equivalent barrel of oil is about 30% higher than it was three weeks ago," without providing detailed figures on the oil sales prices before and after Maduro's arrest. US President Trump indicated last week that Venezuela would transfer 30 to 50 million barrels of oil to the United States to be sold at market prices. A US official informed media on Wednesday that the United States has completed the first sales of Venezuelan oil, which are part of a $2 billion agreement reached this month between Caracas and Washington, with the initial sales valued at $500 million. Previously, due to US sanctions and a flood of sanctioned oil from Russia and Iran, Venezuela's state-owned oil company PDVSA was forced to sell its Merey heavy crude at substantial discounts—approximately $14 per barrel below the Brent crude futures price in December—to attract buyers, who were primarily from Asia. The current US-led sales have been more effectively integrated into the market, potentially capitalizing on specific demand from US Gulf Coast refineries that are specially configured to process this type of heavy crude, thereby commanding a higher market price.