Caracas , 08 January (H.S.): Venezuela's state-owned Petróleos de Venezuela S.A. (PDVSA) announced on Wednesday, that negotiations with the United States for crude oil sales are advancing, contingent upon adherence to prevailing global market prices rather than concessional terms demanded by President Donald Trump.

Board member and union leader Wills Rangel emphasized to Reuters that cargoes would transact via strictly commercial frameworks mirroring existing Chevron partnerships, rejecting any presumption of debt-fueled discounts following the January 3 U.S. special forces operation deposing Nicolás Maduro.

This overture responds to Washington's Tuesday disclosure of a provisional accord granting access to up to $2 billion in Venezuelan petroleum reserves, amid Trump's insistence on total access for American firms to avert further military escalation.

Chevron Model and Blocade Constraints

PDVSA invoked its joint ventures with Chevron—the sole entity licensed under sanctions to export Venezuelan heavy crude to the U.S.—as benchmark for forthcoming deals, underscoring transparency and mutual benefit. Rangel affirmed: If they want to buy it, they will have it in due time, sold at the international price... We do not owe anything to the United States, amid a U.S.-enforced maritime blockade paralyzing shipments to principal buyer China.

Interim President Delcy Rodriguez, sworn in Monday post-Maduro's rendition to New York on narcotics indictments, navigates this fiscal lifeline as Orinoco Belt production languishes below 800,000 barrels daily against 3 million pre-crisis capacity.

Geopolitical Leverage Post-Regime Change

Trump's directive mandates Rodriguez prioritize U.S. conglomerates in exchange for sanctions relief, complementing naval postures in the Caribbean—including the January 7 Marinera tanker seizure—and reconstruction preconditions like exclusive procurement of American goods.

PDVSA's overture tempers defiance, signaling pragmatic capitulation to forestall additional interdictions while preserving pricing autonomy; Chevron's entrenched licenses position it as fulcrum, potentially unlocking 400,000 barrels monthly flows. This transaction portends stabilized Brent benchmarks, countering recent volatility from Venezuelan uncertainty.

Global Energy Realignment

Beijing's sidelined imports exacerbate Tehran's shadow fleet strains, while Washington's $1.5 trillion defense proposition and multilateral purges—from 66 UN bodies—recalibrate resource diplomacy. India's Jaishankar doctrine eyes European diversification amid U.S. tariff frictions, as BRICS aspirants like Bangladesh court Sino-Pak JF-17s.

Rodriguez's compliance calculus weighs oil revenue resuscitation against sovereignty erosion, with PDVSA's global price insistence delineating residual agency in Trump's hemispheric reordering.

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Hindusthan Samachar / Jun Sarkar