Venezuela and the U.S. have reached a deal to export up to $2 billion worth of Venezuelan crude oil to the United States, potentially diverting shipments from China.

Axar.az, citing Reuters, reports that President Donald Trump said the supply would total 30–50 million barrels, helping Venezuela avoid deeper oil production cuts caused by sanctions and a recent U.S. export blockade.

Chevron, currently the only U.S. company authorized to export Venezuelan oil, will manage the flow, while U.S. officials discuss possible auctions and licenses to facilitate sales. The deal could benefit U.S. Gulf refineries, stabilize gasoline prices, and provide Venezuela with capital to rebuild its economy, though Venezuelan access to proceeds remains unclear due to sanctions.

The agreement marks a significant shift in U.S.-Venezuela energy relations amid rising political tensions, including the recent capture of Venezuelan President Nicolás Maduro by U.S. forces, which Venezuelan officials denounce as a kidnapping.