Renewed Venezuelan Oil Exports to U.S. on Horizon Amid Maduro Capture

Venezuelan and U.S. officials are negotiating the export of Venezuelan crude to American refiners, amid a blockade on exports imposed by the U.S. Since a recent capture of Venezuelan President Nicolas Maduro, discussions focus on redirecting sales from China to the U.S. amid production cuts by PDVSA.

Negotiations are underway between Venezuelan and U.S. officials to facilitate the export of Venezuelan crude oil to refiners in the United States, sources informed Reuters on Tuesday.

The sudden potential shift follows recent geopolitical tensions, culminating in Venezuelan President Nicolas Maduro's capture by U.S. forces over the weekend. Millions of barrels of oil remain stranded off Venezuela's coast due to a blockade initially imposed by former U.S. President Donald Trump in December.

The embargo led to production cuts by state oil firm PDVSA, which had redirected exports predominantly to China. If oil shipments don't resume soon, further production cuts may occur. PDVSA and U.S. officials have yet to comment on the ongoing discussions or confirm how sales proceeds will be managed under existing sanctions.

(With inputs from agencies.)