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Venezuela signs $2 billion crude deal with the US

Feb 3, 2026, 8:11 AM10
(Update: Feb 3, 2026, 8:11 AM)
country primarily in North America
Sovereign state in northern South America

Venezuela signs $2 billion crude deal with the US

  • Delcy Rodriguez met with US envoy Laura Dogu on February 2, 2026, in Caracas to discuss bilateral relations.
  • The two countries have reached a deal to export up to US$2 billion worth of Venezuelan crude to the US.
  • This agreement marks a significant development in Venezuelan-US relations and reflects attempts to stabilize Venezuela's economy.
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Venezuela is a South American country that has recently seen a shift in its relations with the United States. On February 2, 2026, the interim President Delcy Rodriguez met with US envoy Laura Dogu at the Miraflores presidential palace in Caracas. This meeting marked a gradual resumption of diplomatic relations, which had been severed since 2019. The discussions focused on a range of topics, including energy, trade, and political issues, with an emphasis on a mutual agenda addressing bilateral interests. Foreign Minister Yvan Gil stated that part of the conversation included advancing a common agenda, and it was announced that Felix Plasencia, a former foreign minister, would serve as Venezuela's diplomatic representative in the US. In a broader context of relationship building, Ms. Dogu's visit included earlier meetings with various Venezuelan officials to further diplomatic dialogue based on mutual respect and international law. The US Embassy characterized these talks as part of a phased approach to address the situation in Venezuela, promoting stabilisation and economic recovery. In recent months, the relationship between Venezuela and the United States had been tumultuous, particularly following the capture of Nicolás Maduro in January. This significant political shift led to the swearing-in of Delcy Rodriguez and the introduction of new laws, including an amnesty proposal for political prisoners, which had been a longstanding demand from both opposition groups and human rights organizations. Rodriguez's administration is attempting to forge a balanced and respectful engagement with the US amidst ongoing political transformation within the country. The deal to export Venezuelan crude oil, valued at up to US$2 billion, signifies a critical development in the nations’ energy trade and reflects Venezuela’s efforts to stabilize its economy through international partnerships. This agreement represents not only the economic interests of Venezuela but also the potential for a redefined relationship with the US that could evolve over time, contingent upon continued diplomatic engagement and negotiations.

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