Venezuela’s state oil firm in talks with the United States on crude sales

Venezuela’s national oil company Petroleos de Venezuela S.A. (PDVSA) says it is engaged in trade negotiations with the United States over the potential sale of crude oil, a development that could reshape energy flows between the two countries after years of sanctions and limited trade. The discussions were confirmed in a company statement shared on PDVSA’s official Telegram channel, noting that talks with US counterparts focus on “the sale of oil volumes” using arrangements similar to those already in place with international firms such as Chevron.

The announcement follows comments by US President Donald Trump that Venezuela would supply high quality oil to the United States. In recent days, the White House has said all Venezuelan oil sales will be managed under US oversight, a significant shift amid broader tension over control of the country’s vast crude reserves.

A return to crude exports to the US?

The reported negotiations come at a time when Venezuela’s oil sector is in flux following political upheaval and international pressure. Under previous sanctions regimes, Venezuelan crude largely disappeared from the US market, with exports hindered by legal restrictions and declining production. If talks succeed, it would mark a major pivot back to selling Venezuelan crude to America, something that was once commonplace before sanctions tightened.

PDVSA said its discussions would use commercial frameworks similar to those that allow companies like Chevron to operate under special authorisations, suggesting the aim is to establish legally sanctioned export pathways rather than unilateral political gestures. This distinction matters because of lingering global scrutiny over how Venezuelan oil revenues and ownership are managed amid ongoing geopolitical tensions.

What’s driving the push for sales?

For the United States, securing Venezuelan crude aligns with broader strategic goals. Access to high quality oil supplies could help diversify sources and potentially moderate energy costs, especially if output increases substantially. The Trump administration has framed the policy as both an economic and geopolitical win, tying oil access to diplomatic engagement and broader regional influence.

From Venezuela’s perspective, opening exports to the US market could provide badly needed revenue and investment, especially as production has suffered from years of underinvestment and economic hardship. Global oil producers have historically relied on foreign firms to help finance and operate complex projects, and renewed US commercial engagement could bring fresh capital into the sector. However, logistical and legal hurdles remain, including ensuring that sales comply with sanctions law and that revenues are properly managed.

Competition and industry interest

Major energy firms and trading houses are already positioning themselves for potential involvement. Sources say companies such as Chevron, along with commodity traders like Vitol and Trafigura, are vying for contracts related to Venezuelan crude exports. The level of commercial interest illustrates the size of Venezuela’s asset base and the allure of accessing significant oil volumes if political and legal conditions permit.

Risks and broader implications

Despite the momentum, challenges abound. Venezuela’s oil infrastructure has deteriorated over years of underinvestment, making production increases costly and complex. Furthermore, the broader geopolitical context — including tensions with China and sanctions enforcement — could complicate negotiations. Critics also warn that increased oil output without adequate environmental safeguards could have negative ecological impacts.

What happens next

The outcome of the talks between PDVSA and the United States remains uncertain. If successful, a formalised crude supply arrangement could mark a significant shift in regional energy trade and diplomacy. Markets and industry watchers will be closely tracking further developments, including any formal agreements or changes to sanctions policy that would enable expanded crude flows between the two countries.