In a dramatic shift in US-Venezuela relations, US Energy Secretary Chris Wright announced on Wednesday that Washington will take control of Venezuelan oil sales indefinitely, extending beyond an initial 30–50 million barrels already agreed for US-market distribution.
Speaking at a Goldman Sachs energy conference in Miami, Wright said the United States plans to market Venezuelan crude, starting with oil currently in storage and extending to future production. He described a long-term strategy in which the US government—not Venezuela’s state oil company—sells the crude on global markets, with revenue flowing into US-controlled accounts before some of those funds are later directed back to benefit Venezuelans.
Wright said Washington also expects to supply critical diluting agents to make Venezuela’s extra-heavy crude export-ready, and wants to support the import of parts, equipment and services needed to stabilize and eventually increase oil production. He acknowledged that restoring Venezuela’s output to historical peaks—over 3 million barrels per day—would require “tens of billions of dollars and significant time.”
The announcement follows former President Donald Trump’s statement that Venezuela’s interim leaders agreed to a US-managed sale of between 30 million and 50 million barrels of crude, with the proceeds — potentially exceeding $2 billion — under direct US oversight.
The move comes amid intense geopolitical fallout after US special forces captured long-time Venezuelan President Nicolás Maduro and flew him to New York to face drug-trafficking charges. In the power vacuum that followed, Venezuela’s Supreme Court installed former vice president Delcy Rodríguez as interim president, though she has publicly rejected claims that Venezuela is under foreign control.
Critics warn that Washington’s unprecedented step to manage Venezuelan oil could fuel further international tensions and legal challenges, while raising broader questions about Venezuela’s sovereignty and the future of its oil-dependent economy. The situation remains fluid as global markets and governments react to this extraordinary development.
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