By Marianna Parraga HOUSTON, Feb 26 (Reuters) - Venezuela's oil ministry has suspended 19 oil production-sharing contracts with private companies signed under the administration of President Nicolas Maduro,

US forces have ‘captured’ a third oil tanker in the Indian Ocean weeks after it reportedly left Venezuelan waters.

Venezuela sits on more barrels of oil than Saudi Arabia. So why does it pump less than 1% of the global supply?

By Sheila Dang CORPUS CHRISTI, Texas, Feb 26 (Reuters) - Sales under a flagship oil supply agreement between Venezuela and the U.S. 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.

Sanctions relief and new laws may attract investors, but politics, infrastructure, and trust hinder a rapid oil revival.

As U.S. sanctions ease and oil money begins to trickle back after Nicolás Maduro's removal, Venezuelans weigh hopes for recovery against the harsh reality of surviving on wages that barely cover food.

U.S. oil supply agreement sales with Venezuela are projected to hit $2 billion by month's end, with 40 million barrels expected to be sold. Trading houses Vitol and Trafigura are marketing the oil, while partners like Chevron boost output.

One of Europe’s biggest players just landed licenses to join Chevron in the 2026 production race.