Washington DC, Jan. 7 -- The United States on Wednesday announced a major energy initiative with Venezuela following its military operations last week, rolling back select sanctions to market Venezuelan crude oil globally while stabilising the South American nation's energy sector.

The move, framed by the Trump administration as a 'historic deal', aims to safeguard American interests, restore Venezuela's energy production, and generate revenue for both countries.

In a Fact Sheet released by the US Department of Energy, the administration highlighted that all proceeds from the sale of Venezuelan crude and oil products will initially be deposited in US-controlled accounts at globally recognised banks, ensuring transparency and proper dist...