First Venezuelan Oil Shipment Under US Deal Arrives in Texas

October 29, 2026 | By Semahegn Nigatu

The first shipment of one million barrels of Venezuelan crude oil under an agreement backed by US President Donald Trump has arrived in Texas, marking the start of deliveries under a deal that gives Washington access to a major share of Venezuela’s oil resources.

Trump announced the shipment in Corpus Christi, Texas, saying the oil would be refined in the state to support domestic supply and reduce fuel prices. The White House said the shipment came at no cost to the US government or taxpayers. However, the agreement’s commercial terms indicate that the oil is being supplied through a discounted purchase arrangement.

The crude will be sold to refineries operated by Exxon Mobil and Citgo Petroleum, according to Reuters. The shipment is the first under an agreement involving North American Blue Energy Partners (NABEP), a privately held oil company granted long-term concessions to develop Venezuelan oilfields.

Under the agreement announced by the Trump administration in August, the United States is seeking majority control of more than 65 billion barrels of proven Venezuelan oil reserves. The White House has said the arrangement would expand US access to crude supplies and strengthen its position in global energy markets.

Trump said the deal would increase domestic oil supplies and help bring down gasoline and diesel prices. The extent to which the shipment will affect retail fuel prices remains uncertain, with analysts noting that a single delivery is unlikely to have a significant impact on the US market.

The agreement forms part of the administration’s effort to expand US involvement in Venezuela’s oil industry and increase production through private investment. NABEP has outlined plans for substantial investment in oil infrastructure, although expanding production will depend on implementation and the development of the country’s oilfields.

Source: FSX Business News