US officially begins selling Venezuelan oil: Report

ISTANBUL

The US has finalized its first sale of Venezuelan oil, amounting to $500 million, an administration official told CNN.

The official added that more oil sales are anticipated in the upcoming days and weeks.

Earlier this month, President Donald Trump had said he intended to access Venezuela's oil reserves, the largest in the world, following the US military intervention in the country and the capture of President Nicolas Maduro.

Although it is unclear where that figure came from, Trump stated on Friday that the oil industry would contribute at least $100 billion to repair Venezuela's damaged energy sector.

He also noted that the US will export 30-50 million barrels of Venezuelan oil in collaboration with US corporations.

On Friday, US energy executives at the White House questioned the administration's plans to capitalize on Venezuela's oil.

"It's uninvestible," ExxonMobil CEO Darren Woods warned officials while discussing the challenges of conducting business in Venezuela. "There are a number of legal and commercial frameworks that would have to be established to even understand what kind of returns we would get on the investment.

Meanwhile, the specifics of the first oil sale remained unclear on Wednesday.

“President Trump’s team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela’s oil infrastructure," White House spokesperson Taylor Rogers said in a statement, according to CNN.