Venezuelan oil exports soared in January as the Trump administration begins to oversee the country’s industry following the capture of authoritarian President Nicolas Maduro, according to a new report.

The outlet added that Washington’s blockade in Venezuela in December led to the accumulation of over 40 million barrels of crude and fuel. Ever since the capture of Maduro, the Trump administration facilitated licenses to traders such as Trafigura and Vitol to start exports.

Report detailed that the South American country exported some 800,000 barrels per day in January, up from almost 500,000 barrels per day in December.

There are between 18 million and 38 million barrels yet to be exported under a deal between Caracas and Washington. Proceedings are sent to a U.S.-supervised fund in Qatar and used to support the Venezuelan economy.

January’s figures went back near the regime’s average last year before the blockade. Destinations have changed, however. China, which until December got 70% of all exports, received less than 20%. The U.S., in turn, went back to being the top destination with 284,000 barrels per day.

Regardless, Trump recently said his administration would welcome investment by China and India in Venezuela’s oil industry.

“China is welcome to come in and will make a great deal on oil,” Trump told reporters aboard Air Force One. He added that the administration is working with India on a deal involving Venezuelan crude. “India’s coming in and they’re going to be buying Venezuelan oil, as opposed to buying it from Iran,” Trump said. “We’ve already made the deal, the concept of that deal.”

The comments, come days after Venezuela’s interim government approved sweeping changes to its nationalist oil framework, lowering taxes and allowing greater foreign ownership. Shortly afterward, the U.S. Treasury Department issued a general license expanding the ability of U.S. firms to export, sell and refine Venezuelan crude.

Source: Latintimes