Oil sales under US-Venezuela deal to reach $2 billion by end of February, Sec Wright say

Sales under a flagship oil supply agreement between Caracas and Washington are expected to reach $2 billion by the end of this month, U.S. Secretary of Energy Chris Wright told reporters in Texas on Thursday.

An export increase is expected as the OPEC country's oil reaches more customers in Asia and Europe, with 40 million barrels expected to have been sold by the end of February at about $50 per barrel, according to the secretary.

Chinese independent refineries that were previously importing sanctioned oil can now buy Venezuelan crude on the open market, Wright added.

-Sheila Dang/Reuters