US Treasury Now Handles Venezuelan Oil Sale Proceeds Under New Export Agreement

Proceeds from Venezuelan oil sales, previously routed through a US-supervised fund in Qatar, are now directed to accounts managed by the US Treasury following a recent executive order to protect the funds from seizure. The US took control of Venezuela's oil exports after President Nicolas Maduro's removal in January. Sales are expected to reach $2 billion by the end of February, with trading firms Vitol and Trafigura marketing the oil and partners like Chevron increasing output. The oil is being supplied to markets in the US Gulf Coast, Asia, and Europe, with plans to benefit Venezuelan citizens.