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Washington Moves to Seize Control of Venezuelan Oil Sales, Says Trump Administration Official
U.S. Energy Secretary Chris Wright announced that Washington will take charge of the marketing of Venezuelan crude for an indefinite period, following President Donald Trump’s pledge to receive tens of millions of barrels from Caracas. The move comes after the Trump administration revived oil‑export licences – except for Chevron – and signals a major shift in the long‑standing U.S. embargo that has crippled Venezuela’s oil‑dependent economy. Venezuela holds the world’s third‑largest proven oil reserves, but its output remains near one million barrels per day due to years of under‑investment and sanctions. Wright said the United States expects to secure “several hundred thousand barrels a day” of additional production once the necessary infrastructure and financing are in place.
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U.S. Energy Secretary Announces New Oil‑Marketing Strategy
Chris Wright, the U.S. Secretary of Energy, told investors at a Goldman Sachs energy forum in Miami on Wednesday that Washington will oversee the sale of Venezuelan crude "for an indefinite period". The first step will be to market the barrels already in storage, followed by future production.
"The resources are immense," Wright said, projecting that the United States could secure "several hundred thousand barrels per day" of additional output in the short‑ to medium‑term, provided the right conditions are met.
Why Venezuela Matters
According to OPEC, Venezuela ranks third globally in proven oil reserves – over 303 billion barrels – ahead of Saudi Arabia and Iran. Yet its daily output hovers around one million barrels, a figure hampered by decades of infrastructure decay and enduring U.S. sanctions.
Policy Shift Under the Trump Administration
During his first term, former President Donald Trump imposed a strict oil embargo designed to choke the Venezuelan economy. After regaining the White House in 2025, Trump revoked most of the limited licences that allowed multinational oil firms to operate in the country, leaving only Chevron with permission to continue.
Wright explained that the long‑term goal is to create a framework that welcomes large American energy companies – both those previously present and new entrants – to invest heavily in Venezuela. He cautioned, however, that restoring historic production levels will require "tens of billions of dollars and a lot of time."
Trump’s Personal Commitment
President Trump announced that Venezuela would deliver "between 30 and 50 million barrels of oil under sanction" to the United States, to be sold at market price – a transaction that could exceed $2 billion based on current market rates. He pledged to personally oversee the money, stating it would be used for the benefit of both the Venezuelan and American peoples.
Defense Department Confirms Global Enforcement
The U.S. Defense Secretary confirmed that the petroleum blockade is being enforced worldwide. Two additional tankers were seized – one in the Caribbean and another in the North Atlantic – reinforcing the administration’s hardline stance.
These developments signal a dramatic re‑orientation of U.S. energy policy toward Venezuela, with potential ramifications for global oil markets, OPEC dynamics, and the geopolitical balance in the Western Hemisphere.