US completes first Venezuelan oil sales valued at $500 million, US official says

The U.S. has completed the first sales of Venezuelan oil that are part of a $2 billion deal reached earlier this month between Caracas and Washington, a U.S. official told Reuters on Wednesday.

Additional sales are expected in the coming days and weeks, the official added.

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Revenue from the initial oil sales – valued around $500 million – is being held in bank accounts controlled by the U.S. government, according to an administration official, citing an order issued on Friday.

The main account is located in Qatar, according to an industry source familiar with the plan, who said the country represented a neutral venue where funds can move with U.S. approval and without risk of seizure. Semafor first reported that the sales had been completed.