CARACAS, Jan. 20– Venezuela has received 300 million U.S. dollars from a U.S. sale of Venezuelan crude — part of an estimated 500 million U.S. dollars in total revenue — and will use the fund to stabilize the foreign exchange market, Acting President Delcy Rodriguez said on Tuesday.
U.S. President Donald Trump said separately on Tuesday that his country had taken 50 million barrels of oil out of Venezuela and was selling some of it on the open market, although shipping records show that the volume has not yet been exported.
Speaking at an event in Caracas, Rodriguez said the fund will be channeled through public and private banks, in coordination with the Central Bank of Venezuela, to help stabilize the foreign exchange market.
Venezuela sits atop roughly 300 billion barrels of heavy, sour crude — around a fifth of the world’s reserves. The United States on Jan. 3 launched a sudden raid on Venezuela and seized its President Nicolas Maduro and his wife.
The U.S. raid has triggered strong international condemnation, with many governments and analysts warning that the action sets a dangerous precedent for the use of force against a sovereign state. (Namibia Daily News / Xinhua)
