U.S. to Market Venezuelan Oil Indefinitely Under Government Control, Energy Secretary Says

The Trump administration plans to directly sell Venezuelan crude and hold proceeds in U.S.-controlled accounts as it seeks leverage over Venezuela’s oil sector and political transition.

By yourNEWS Media Newsroom

The United States intends to resume and continue selling Venezuelan oil indefinitely under direct government control, with proceeds deposited into accounts overseen by Washington, Energy Secretary Chris Wright said Wednesday.

Speaking at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami, Wright said the administration’s strategy is to restart oil flows from Venezuela, market both stored and newly produced crude, and use control over revenues to influence political and economic changes in the country.

Oil sales, Wright said, will be “done by the U.S. government and deposited into accounts controlled by the U.S. government.” From there, funds could eventually be directed back into Venezuela to benefit its population, but only under conditions set by the United States. He emphasized that maintaining leverage over oil revenue is central to driving reforms in the South American nation.

Wright said the administration is already preparing to sell backed-up Venezuelan crude currently in storage and plans to continue marketing future production without a defined end date. He added that the government intends to sell Venezuelan oil into the broader global market, including to U.S. refineries.

The energy secretary also said he has been in discussions with U.S. oil companies to determine what conditions would be necessary for them to operate in Venezuela, as the administration looks to revive the country’s oil sector and bring American firms back into the market.

The remarks follow comments by President Donald Trump over the weekend, in which he said the United States would “take control” of Venezuela after U.S. forces ousted former Venezuelan President Nicolás Maduro. Wright said the administration’s approach is designed not only to restart oil production and exports, but also to ensure U.S. oversight of revenues during the transition period.

U.S. oil executives are expected to visit the White House later this week to discuss potential pathways for reentering Venezuela’s oil industry and stabilizing production after years of sanctions, underinvestment, and infrastructure decline.