Venezuela and the U. S. : A New Oil Deal in the Making

Venezuela's state oil company, PDVSA, has been in talks with the U. S. about selling oil. This comes after the U. S. made a deal with Venezuela's new interim president, Delcy Rodriguez, to buy up to $2 billion worth of Venezuelan crude. The U. S. wants full access to Venezuela's oil industry, but PDVSA says any deal will be based on fair market prices. PDVSA has been clear that any oil sales to the U. S. will follow the same rules as deals with other foreign companies, like Chevron. Chevron is the only company currently exporting Venezuelan oil to the U. S. due to sanctions. PDVSA board member Wills Rangel emphasized that the U. S. will have to pay international prices for Venezuelan oil, not some special rate.Rangel also made it clear that Venezuela does not owe the U. S. anything. He said the U. S. should not act like Venezuela's oil belongs to them. Despite U. S. sanctions, Chevron has a special license to export Venezuelan crude. Most of Venezuela's oil goes to China, but the U. S. blockade has made those exports difficult. PDVSA says the talks are going well and that any deal will be fair and transparent. They want to make sure both countries benefit from the agreement. The U. S. wants more access to Venezuela's oil, but Venezuela is standing firm on its terms. It will be interesting to see how this deal plays out.