Washington and Caracas have reached a major energy agreement that allows Venezuela to export crude oil worth up to US$2 billion, or approximately Rp33.5 trillion, to the United States. The deal could redirect oil supplies away from China while giving Caracas a way to avoid deeper production cuts amid ongoing export restrictions.

U.S. President Donald Trump announced the agreement on Tuesday (January 6, 2026), calling it a key negotiation outcome that reopens Venezuelan oil flows to the U.S. market. According to Trump, Venezuela will deliver between 30 million and 50 million barrels of sanctioned oil directly to U.S. ports.

Trump stated that the oil would be sold at market prices, with the proceeds controlled by him as President to ensure the funds are used for the benefit of both Venezuelan and American citizens. The agreement is widely seen as a strong indication that Venezuela’s government is beginning to respond to U.S. demands for full access for American oil companies.

Trump had previously warned that Venezuela could face additional military pressure if it failed to grant “total access” to its oil industry. Since mid-December, U.S. export restrictions have left millions of barrels of Venezuelan crude stranded in tankers and storage facilities, culminating in the arrest of President Nicolás Maduro by U.S. forces last weekend.

Several senior Venezuelan officials condemned the move, labeling it a kidnapping and accusing the United States of attempting to seize the country’s vast oil reserves.

Chevron in Control
According to Reuters, Trump said U.S. Energy Secretary Chris Wright will oversee the implementation of the deal, with oil transferred directly from Venezuelan vessels to U.S. ports. The announcement immediately affected markets, sending U.S. crude prices down more than 1.5% on Tuesday.

At present, all Venezuelan oil shipments to the United States are fully controlled by Chevron, PDVSA’s key joint-venture partner operating under a special U.S. authorization. In recent weeks, Chevron has been the only company able to load and export Venezuelan oil without disruption, shipping roughly 100,000 to 150,000 barrels per day.

It remains unclear whether Venezuela will have direct access to the sales proceeds. Existing sanctions have isolated PDVSA from the global financial system, freezing bank accounts and blocking access to U.S. dollar transactions. Venezuela’s flagship Merey crude has been sold at a discount of around US$22 per barrel below Brent, placing the deal’s value at an estimated US$1.9 billion.

Sales Negotiations
Sources familiar with the talks said U.S. and Venezuelan officials also discussed various sales mechanisms, including auctions for U.S. buyers and the issuance of licenses for PDVSA partners. Such licenses previously allowed companies including Chevron, India’s Reliance, China’s CNPC, and European firms Eni and Repsol to process or resell Venezuelan crude.

According to two sources, several of these companies have begun preparing to receive Venezuelan oil cargoes again in recent days. There were also discussions about using Venezuelan oil for the U.S. Strategic Petroleum Reserve, though Trump did not mention this option publicly.

Government and Market Reaction
U.S. Interior Secretary Doug Burgum welcomed the prospect of increased Venezuelan heavy crude flows to the U.S. Gulf Coast, saying it could support jobs, lower gasoline prices, and aid Venezuela’s economic recovery.

Before energy sanctions were imposed, U.S. Gulf Coast refineries imported about 500,000 barrels per day of Venezuelan oil due to their ability to process heavy crude. PDVSA had already cut output because of storage constraints, and without new export routes, further reductions were expected. The prospect of increased supply quickly impacted physical markets, with price differentials for heavy crudes in the U.S. Gulf Coast falling by around 50 cents per barrel.

An oil industry source said Trump wants the deal implemented swiftly so he can present it as a major victory.