Venezuelan crude sold at 30% higher prices: US Energy Secretary

Energy Secretary Chris Wright 

The US is securing about 30% higher prices for Venezuelan crude, Energy Secretary Chris Wright said Thursday, as the country has started selling oil from the Latin American nation after capturing its former President Nicolas Maduro.

Washington has completed its first sale of Venezuelan oil valued at about $500 million, according to a US Department of Energy spokesperson, with more expected in the coming days and weeks.

"We're getting about a 30% higher realized price when we sell the same barrel of oil than they sold the same barrel of oil three weeks ago," Wright said at a US Energy Association event.

President Donald Trump said last week that Venezuela would hand over between 30 million and 50 million barrels of oil currently under US sanctions, which would be sold at prevailing market prices. In a social media post, he noted that the proceeds would be controlled by him to ensure the funds benefit both Venezuela and the US.