The US and Venezuela have begun negotiations on oil supplies to American refineries — Reuters

US and Venezuelan officials are discussing the possibility of exporting oil from the Latin American country to US refineries after the overthrow of President Nicolas Maduro, five sources told Reuters.

Venezuela has millions of barrels of oil loaded onto tankers or stored in warehouses, but the country cannot deliver them due to the blockade imposed by US President Donald Trump in mid-December, the agency explains. Selling this stranded raw material to American oil refiners would mean redirecting flows from China, which has been the largest buyer of Venezuelan oil over the past decade. Before the embargo, refineries located on the Gulf Coast imported about 500,000 barrels per day, Reuters writes.

The White House, representatives of the Venezuelan government, and the country's state oil company PDVSA were unable to respond promptly to the agency's request.

Earlier on Tuesday, Bloomberg reported that a fleet of at least 11 ships chartered by US oil giant Chevron was heading to Venezuela. The company has become virtually the only oil exporter from the country, the agency noted.

Oil prices fell sharply after rising on Monday. The decline continued on Tuesday morning, but in the afternoon, futures for North American WTI crude fell 2.3%, while Brent futures lost about 1.9%.

Shares in oil companies are also down: Chevron's share price fell 4%, while Exxon Mobil's shares fell 2.8%. The market capitalization of Valero Energy, one of the largest independent oil refiners in the US, fell by 1.4% — the day before, the company's shares soared, with analysts naming it one of the main beneficiaries in the event of an increase in Venezuelan supplies.

This article was AI-translated and verified by a human editor