The United States plans to maintain significant control over Venezuela’s vast oil industry, including overseeing and selling its production “indefinitely”, Energy Secretary Chris Wright said on Wednesday. The announcement signals a major shift in Washington’s approach to Venezuelan crude and could reshape global energy flows.
Speaking at a Goldman Sachs energy conference near Miami, Mr Wright said the US intends to market Venezuelan oil both domestically and internationally. “Going forward we will sell the production that comes out of Venezuela into the marketplace,” he said.
His comments followed a statement from President Trump that Venezuela would soon transfer tens of millions of barrels of crude to the United States, with Washington controlling the proceeds from those sales.
Under the plan, revenues from Venezuelan oil would be deposited into accounts controlled by the US government, with officials saying that this leverage could be used to drive change within Venezuela. Mr Wright suggested that part of the money could flow back into Venezuela to benefit its people, though he offered no legal framework for the arrangement.
The US move comes amid broader efforts to reintegrate Venezuelan oil into global markets after years of sanctions that curbed exports and forced crude cargoes into storage. US officials have also engaged with major American oil companies on conditions that might allow them to return to or expand operations in Venezuela’s depleted oil sector.
READ ALSO: US Seizes Russian-Flagged Tanker Linked to Venezuelan Oil Trade
As of early Wednesday, Venezuelan authorities had not publicly confirmed any formal agreement with Washington on the oil plan. If implemented, the policy would mark a sharp departure from previous US policy, which aimed to isolate Venezuela’s state-owned oil company through sanctions.
Energy markets reacted cautiously to the news, with oil prices slipping slightly amid uncertainty over how the plan will unfold. Analysts say restoring production in Venezuela will require heavy investment and years of work, given the industry’s long decline.
