The United States will oversee the sale of Venezuelan oil for an "indefinite" period, depositing the revenue from these transactions into accounts managed by Washington. This was announced by Energy Secretary Chris Wright on Tuesday during an energy conference in Miami.
Wright explained that the U.S. will place Venezuelan crude, including what he referred to as "stuck" oil, on the market. From this point forward, the U.S. government will handle the sale of Venezuelan oil both to American refineries and international buyers. The proceeds from these sales will be directed into accounts controlled by the U.S. government, according to reports from EFE.
He emphasized collaboration with Venezuelans following President Donald Trump's announcement on Tuesday that Venezuela would transfer between 30 and 50 million barrels to the U.S. for sale in the domestic market.
The plan involves transporting these oil volumes on storage vessels to unloading terminals within the United States. Wright noted that controlling the sales and funds aims to ensure that the resources "can return to Venezuela to benefit the Venezuelan people," while underscoring the necessity for the U.S. to maintain "power and control" to "drive" the essential changes needed in the country.
Wright justified the U.S. government's control over Venezuelan oil sales and revenues as a strategic tool to influence political changes. He stated that Venezuelan crude would be sold under the supervision of the U.S. government, with profits secured in U.S.-controlled accounts.
This development arises as Trump prepares to host leaders from major oil companies at the White House on Friday. His administration is contemplating plans to rejuvenate the Venezuelan oil sector and boost production.
Although Wright acknowledged that revitalizing the industry would necessitate "tens of billions of dollars" and "significant time," he highlighted the "vast opportunity" to potentially increase production by hundreds of thousands of barrels daily in the near to medium term.
The agreement could allow for exports to the U.S. valued at up to $2 billion, translating to 30–50 million barrels.
This statement comes amidst heightened tensions between Washington and Caracas, marked by measures such as the full blockade of sanctioned oil tankers to and from Venezuela, announced by Trump's administration last December, and the ongoing policy to economically weaken Maduro's regime.
Meanwhile, factions within Venezuela's interim government have maintained a defiant stance against the United States, asserting that "no foreign agent governs Venezuela," in response to allegations of political or economic control by Washington.
Understanding the U.S. Role in Venezuelan Oil Transactions
Why is the U.S. controlling Venezuelan oil sales?
The U.S. aims to oversee Venezuelan oil sales to ensure that the resources benefit the Venezuelan people and to exert influence over political changes within the country.
What is the expected impact of U.S. control on Venezuelan oil sales?
By controlling sales and revenues, the U.S. intends to drive political changes in Venezuela and ensure that the financial benefits reach the Venezuelan people.
How much oil will Venezuela supply to the U.S. under this agreement?
Venezuela is expected to supply between 30 and 50 million barrels of oil to the U.S. for sale in the domestic market.
What are the challenges in revitalizing the Venezuelan oil industry?
Revitalizing the industry will require significant financial investment and time, with estimates suggesting tens of billions of dollars are needed.