More Stories

Informist, Wednesday, Jan. 7, 2026

NEW DELHI – The US will reduce sanctions on Venezuela and oil sales from the South American country will continue indefinitely, CNBC TV reported, quoting sources in the White House. Tuesday, US President Donald Trump had said Venezuela would be handing over 30-50 million barrels of sanctioned oil, which will be sold at market prices.

"That money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States," Trump said in a social media post.

However, White House sources told CNBC that those 50 million barrels represent only the first tranche and sales of crude oil from the country will continue indefinitely. US sanctions will be rolled back as part of the agreement. The sanctioned oil would have gone to China but will be re-reouted to the US, CNBC reported. 

The announcement comes days after the US captured Venezuela's President Nicolas Maduro and his wife and flew them to the US. Trump had said after Maduro's capture that the US would take control of Venezuela's oil reserves and send US oil companies to the South American country to rebuild its oil industry and infrastructure.  End

Reported by Afra Abubacker

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.