# U.S. sanctions on Venezuelan oil interests > Live situation record from CLSTR: https://clstr.news/situations/us-sanctions-on-venezuelan-oil-interests > Updated: 2026-08-18T17:26:24.000Z. Sources: 26. Developments: 3. The U.S. Department of the Treasury froze the assets of Bluewave Properties Ltd., an offshore company owned by energy businessman and Republican donor Harry Sargeant III. The freeze was based on allegations that the company violated a 2018 executive order intended to block entities supporting the administration of Nicolás Maduro in Venezuela. Bluewave Properties held a minority stake in North American Blue Energy Partners (NABEP), the second-largest private oil producer in Venezuela. While the assets were frozen, the Treasury issued a license allowing Sargeant to liquidate his interest and divest from the company to align private investments with U.S. geopolitical objectives. Following this action, Sargeant sold his stake in NABEP for $300 million. The sale involved the divestment of Bluewave Properties Ltd. to Alejandro Betancourt, the Venezuelan businessman who serves as the controlling shareholder of NABEP. According to the Office of Foreign Assets Control (OFAC), NABEP extracts between 160,000 and 200,000 barrels of crude per day. Sargeant, who has previously acted as an informal intermediary in diplomatic matters involving Caracas, had faced criticism from U.S. allies and the Venezuelan opposition regarding his alleged ties to the Maduro administration. Recent developments indicate a broader reconfiguration of energy ties between the two nations. Venezuela is currently exporting approximately 500,000 barrels of oil per day to the United States, primarily to refineries on the U.S. Gulf Coast. To support Venezuelan production, the United States is sending more than 100,000 barrels per day of naphtha to be used as a diluent for heavy crude. ## Claims - More than 500,000 barrels per day of Venezuelan oil are being exported to the United States. (corroborated by 9 sources) - Venezuela's total national oil output is approximately 1.25 million barrels per day. (corroborated by 8 sources) - PDVSA executive vice president Jovanny Martinez projects Venezuelan crude output will reach 1.245 million barrels per day by late August. (corroborated by 5 sources) - The United States is sending over 100,000 barrels per day of naphtha to Venezuela to be blended with heavy crude. (corroborated by 4 sources) - Venezuela signed a production participation contract with Hunt Oil to develop the Caro and Carisito oil and gas fields. (corroborated by 3 sources) - Venezuela formed an alliance with SLB to conduct integrated reservoir studies. (corroborated by 3 sources) - BP has begun trading Venezuelan oil, with a tanker carrying 400,000 barrels of heavy fuel oil destined for Houston. (corroborated by 2 sources) - Harry Sargeant III sold his stake in North American Blue Energy Partners for $300 million following the freezing of his assets by the US Treasury. (corroborated by 2 sources) ## Timeline ### 2026-08-18: US Treasury sanctions Bluwaves Properties linked to Venezuelan oil The U.S. Treasury has frozen assets of Harry Sargeant III’s offshore firm, Bluwaves Properties Limited, due to Venezuelan sanctions violations, amid a $300 million sale of the company to a NABEP affiliate. 2 sources. https://clstr.news/cluster/us-treasury-sanctions-bluwaves-properties-linked-to-venezuelan-oil ### 2026-08-17: Venezuela oil exports to US reach 500,000 barrels per day Venezuela is exporting roughly half of its 1.25 million bpd oil output to the US. Major moves include BP entering the market and new production agreements with Hunt Oil and SLB to boost output. 22 sources. https://clstr.news/cluster/harry-sargeant-iii-sells-venezuelan-oil-stake-for-300-million ### 2026-08-08: U.S. Treasury freezes assets of Harry Sargeant III's Venezuelan oil interests The U.S. Treasury has frozen assets of Harry Sargeant III's Bluewave Properties and issued a license to facilitate his divestment from Venezuelan oil projects. 6 sources. https://clstr.news/cluster/us-treasury-freezes-assets-of-harry-sargeant-iiis-venezuelan-oil-interests --- Cite as: U.S. sanctions on Venezuelan oil interests. CLSTR, https://clstr.news/situations/us-sanctions-on-venezuelan-oil-interests