The Trump administration has announced plans to control future sales of Venezuelan oil indefinitely, aiming to stabilize the country’s struggling oil sector while benefiting both the US and Venezuela. Energy Secretary Chris Wright stated that Washington would initially sell Venezuela’s stored crude, which has accumulated due to the US blockade, before managing ongoing production in the long term.
President Trump confirmed that Venezuela would hand over up to 50 million barrels of oil for US sale, valued at approximately $2.8 billion at current market rates. Revenue from these sales will be held in US Treasury accounts to safeguard the funds from Venezuela’s creditors, ensuring that proceeds ultimately benefit Venezuelans. Wright emphasized, “We’re not stealing anyone’s oil… the funds will return to Venezuela for the benefit of its people.”
The administration is also encouraging US oil companies such as Chevron, ConocoPhillips, and Exxon to rebuild Venezuela’s decaying oil infrastructure and boost production. While discussions with companies are ongoing, officials have highlighted the immense potential for investment in Venezuela’s vast crude reserves.
Meanwhile, Venezuela’s state oil company, PDVSA, is negotiating a framework for crude sales with Washington, similar to its arrangement with Chevron. The US has also seized additional sanctioned oil tankers, including one flying a Russian flag, to assert control over Venezuelan exports.
Venezuela’s oil output has fallen below 1 million barrels per day due to years of underinvestment, corruption, and mismanagement. Experts estimate that restoring production could cost around $10 billion annually over the next decade. While global oil prices have seen a slight dip to around $60 per barrel, the Trump administration is betting that its intervention will revive both the Venezuelan oil industry and the broader market, securing energy resources and investment opportunities for US firms.
