Venezuela’s interim government says it has received $300 million from the sale of its crude oil by the United States and plans to channel the funds into stabilising the country’s fragile currency.
Interim Vice President Delcy Rodríguez said the money formed part of a larger $500 million oil transaction arranged by Washington. She explained that the proceeds would be injected into the foreign exchange market to help strengthen the bolívar and protect workers’ purchasing power amid persistent economic pressures.
Foreign currency has played a central role in Venezuela’s economy since 2018, when hyperinflation rendered the bolívar largely ineffective and the US dollar became widely used in daily transactions.
While both currencies now circulate side by side, a shortage of dollars linked to years of US sanctions on Venezuelan oil—has driven sharp swings in exchange rates.
Economic consultancy Ecoanalítica said the government’s intervention aims to narrow the gap between the official exchange rate and the parallel market rate, which has long fuelled price instability.
The oil sale followed a major shift in US-Venezuela relations earlier this month. Washington announced that President Donald Trump had brokered what it described as a landmark energy agreement allowing Venezuelan crude to be sold at market prices, with the revenue placed under US oversight.
Trump said the arrangement was designed to benefit both countries, adding that the proceeds from the oil sales would remain under his administration’s control.
Before the recent political upheaval in Caracas, Venezuela had relied heavily on discounted oil sales to bypass a long-standing US embargo, with China emerging as its main buyer. However, US authorities tightened enforcement late last year, seizing tankers carrying sanctioned Venezuelan crude and further restricting informal export channels.
Following these developments, Venezuela’s interim government has signalled interest in resetting relations with Washington. Foreign Minister Yván Gil said Caracas had begun exploratory talks with the US aimed at restoring diplomatic missions in both countries.
In parallel, US officials have indicated openness to allowing select countries, including India, to resume purchases of Venezuelan oil, citing their growing energy needs.
