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PDVSA, Venezuela The state-owned oil company said on Wednesday it was making progress in negotiations with the United States over oil sales, a company board member told Reuters. The United States will have to buy cargoes at international prices.
Tuesday, Washington announced an agreement with Caracas to gain access to up to $2 billion in Venezuelan crude, a sign that Venezuelan government officials are responding to U.S. President Donald Trump’s demand to open up to U.S. oil companies or risk further military intervention.
Trump said he wanted Venezuelan interim President Delcy Rodriguez, installed this week after the U.S. impeached President Nicolas Maduro, to give the United States and private companies “full access” to his country’s oil industry.
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PDVSA said in a brief statement that the parties talked about terms similar to those in place with foreign partners such as Chevron CVX.N, the company’s main joint venture partner, which currently controls all oil exports to the United States.
“The process… is based on strictly commercial transactions under legal, transparent and mutually beneficial conditions,” the company said.
Wills Rangel, a PDVSA board member and also a union leader, told Reuters that the United States will have to buy cargoes at international prices if it wants Venezuelan oil.
“If they want to buy it, they will get it in due time, sold at the international price,” Rangel said. “Not like (Trump) wants, like this oil belongs to them because we’re supposed to owe them. We don’t owe the United States anything.”
Chevron, which has a special U.S. license to export Venezuelan crude despite sanctions, is the only company currently exporting crude from the South American country, Rangel added, as the U.S. blockade on Venezuela keeps exports to China, the main destination for its oil, crippled.
