The first shipment of Venezuelan crude oil under a U.S. deal with NABEP arrived in Texas and will be sold by the U.S. government to refineries operated by Exxon Mobil and Citgo Petroleum. The White House confirmed that the oil was received at no cost to the American taxpayer, designating it as a gift. NABEP supplied 1 million barrels of heavy crude as part of the agreement, which gives the U.S. a 35 percent stake in NABEP's parent company and access to discounted oil production from its 17 fields in Venezuela.
NABEP CEO Alejandro Betancourt stated that the first shipment would be followed by numerous similar deliveries, with the cargo reaching Texas in just over a week, significantly faster than oil from the Middle East, which takes more than a month. The shipment could highlight potential economic benefits for Trump ahead of midterm elections, particularly in Texas where the oil industry is a significant factor. Republican Senate candidate Ken Paxton is facing Democrat James Talarico in a closely watched race.
Trump praised oil executive Harold Hamm as "the biggest independent oilman in the world" and highlighted Venezuela's vast oil reserves, emphasizing how the new agreement provides access to cheaper crude. The delivery of the first shipment marks a significant shift in U.S.-Venezuelan oil relations, adhering closely to the terms set after U.S. forces allegedly removed former President Nicolas Maduro from power.