Venezuela Receives US$300 Mln From Us Sale Of Its Oil

CARACAS, Jan 21 (Bernama-Xinhua) -- Venezuela has received US$300 million from a United States (US) sale of Venezuelan crude – part of an estimated US$500 million in total revenue – and will use the funds to stabilise its foreign exchange market, Acting President Delcy Rodriguez said on Tuesday, reported Xinhua.

US 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 channelled through public and private banks, in coordination with the Central Bank of Venezuela, to help stabilise the foreign exchange market.

Venezuela sits atop roughly 300 billion barrels of heavy, sour crude – around a fifth of the world's reserves.

The US on Jan. 3 launched a sudden raid on Venezuela and seized its President Nicolas Maduro and his wife.

The US 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.  

--BERNAMA-XINHUA