First Venezuelan Oil From US-NABEP Deal Arrives in Texas, to Be Sold to Exxon, Citgo
- On Tuesday, a cargo of 1 million barrels of Venezuelan crude arrived in Texas, marking the first delivery under a new deal between the United States and producer NABEP, which President Donald Trump visited at the port.
- Washington secured a 35% stake in NABEP's parent company following the removal of former President Nicolas Maduro in January, granting the United States discounted access to crude production.
- The shipment arrived "at no cost," a White House official told Reuters, while NABEP CEO Alejandro Betancourt claimed this "first shipment since the US-NABEP deal will be followed by thousands of such arrivals."
- Amid midterm campaigning, Trump called the oil a "gift" and touted the delivery as evidence his policies deliver economic benefits ahead of the elections, with fuel costs a potential vulnerability for Republicans.
- NABEP claims its 17 fields control 65 billion barrels of reserves as output surges; Texas Republican Senate candidate Ken Paxton faces Democrat James Talarico in a closely watched race that could determine Senate control.
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First Million Barrels Of Venezuelan Oil Arrive In Texas Under New Deal
A tanker carrying 1 million barrels of crude oil arrived in Corpus Christi this week under a newly announced agreement between the Trump administration and Venezuela, officials announced Tuesday. The shipment marks the first delivery under an arrangement that the administration says will eventually bring 65 billion barrels of crude to the United States. According […] First Million Barrels Of Venezuelan Oil Arrive In Texas Under New Deal
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First Million Barrels of Venezuelan Oil Arrive in Texas Under Trump Administration Deal With NABEP
The United States has received its first shipment of 1 million barrels of Venezuelan crude under a new energy agreement, with the government planning to sell the oil to refineries operated by Exxon Mobil and Citgo Petroleum as President Donald Trump promotes expanded American access to Venezuela’s petroleum resources.
The company seeks to raise its production to over a million barrels per day, after reporting an extraction of 223,509 barrels per day to October 19.
The pact, announced in August, gives NABEP rights for a century to drill 17 oil fields that house about 65 billion oil...
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