U.S. Energy Secretary: According to the U.S.-Venezuela agreement, oil sales are expected to reach $2 billion by the end of February.

US Energy Secretary Chris Wright told reporters in Texas on Thursday that sales are expected to reach $2 billion by the end of this month under a flagship oil supply agreement between Venezuela and the United States. Shortly after the US military took control of President Maduro in early January, the US took control of Venezuela's oil exports, with the revenue from oil exports being transferred to a fund supervised by the US in Qatar. Since then, trading companies Vitol and Trafigura have sold and traded most of the oil from this OPEC country according to the agreement, while Venezuela's national oil company PDVSA and its partners, especially Chevron, are increasing production and shipment volumes. Earlier in February, Wright expected the country's oil sales to reach $5 billion within a few months. The increase in exports has brought Venezuela's crude oil and fuels back to markets that had not been reached in months or even years. Wright said that more Asian and European customers are negotiating upcoming import transactions, with an expected sale of about 40 million barrels by the end of February at around $50 per barrel. Former US President Trump had stated that the initial sales target of the agreement was 30 to 50 million barrels. "Most of the oil will be sent to the US Gulf Coast, but it will also be shipped to India, Asia, and Europe," Wright said. "Every barrel of oil you produce will be sold, so the question is just where it will be sold to." Wright also mentioned that millions of barrels of Venezuelan oil floating in storage in Venezuelan waters are currently being sold.