Venezuela agrees to $2.8bn oil export deal with US

Core Viewpoint - Venezuela has reached an agreement with the US to export up to $2 billion worth of oil, indicating a shift in relations and a willingness to accommodate US demands for access to its oil industry [1][5]. Group 1: Agreement Details - The arrangement aims to redirect Venezuelan crude supply from China to the US, helping Venezuela mitigate further reductions in oil output [1]. - Venezuela is expected to transfer between 30 and 50 million barrels of "sanctioned oil" to the US, which will be sold at market price [3][4]. - The deal involves US Energy Secretary Chris Wright overseeing the execution, including transferring oil from tankers directly to US ports [4]. Group 2: Context and Implications - The agreement follows a blockade imposed by the Trump administration that left Venezuela unable to move millions of barrels of crude, leading to unsold oil accumulating in tankers and storage [2]. - This blockade was part of escalating US pressure on Venezuelan President Nicolas Maduro's government, which has been criticized by Venezuelan officials as an attempt to usurp the country's oil reserves [3]. - The shift in oil exports from China, the largest purchaser of Venezuelan oil over the past decade, is a direct consequence of US sanctions imposed in 2020 on companies involved in Venezuelan oil trade [5].