U.S. Will Control Venezuelan Oil Sales Indefinitely, Energy Sec. Wright Says
The U.S. government will control Venezuelan oil sales and revenue indefinitely, Energy Secretary Chris Wright said Wednesday, marking a major shift in Washington’s strategy toward Venezuela’s oil sector.
The announcement raises stakes in already high tensions between the U.S. and Caracas, with implications for global energy markets and U.S. foreign policy.
Wright spoke to energy executives and reporters at the Goldman Sachs Energy Conference in Miami, explaining that the U.S. intends to oversee how Venezuelan crude is marketed and sold, and will place the proceeds into accounts controlled by the U.S. government.
His remarks track with recent comments from President Donald Trump signaling that Washington plans to handle an initial tranche of 30–50 million barrels of Venezuelan oil for U.S. and global use.
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“We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” Wright said.
The implications are broad. U.S. refiners’ stocks rose on the news, and senior officials are planning talks with major oil companies, including Chevron, ExxonMobil, and ConocoPhillips to explore opportunities to help revive Venezuela’s collapsing oil production.
Analysts say this strategy gives Washington unprecedented influence over one of the world’s largest oil reserves, but it also reignites geopolitical tensions with nations like Russia and China that have ties to Caracas.
What happens next…
White House and Energy Department officials are expected to hold detailed briefings with industry leaders and Congress to outline how ongoing sales, sanctions conditions, and revenue management will work.
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