The United States will control sales of Venezuelan oil “indefinitely” as it prepares to ease restrictions on the country’s crude in international markets, the White House announced.Officials said the plan would start with 30 million to 50 million barrels of oil.
Energy Secretary Chris Wright explained, “We need to have that leverage and control of those oil sales to drive the changes that simply must happen in Venezuela.”
The company added, “This process follows rules similar to those applied with international companies.”
White House officials reported that steps are already underway to market the oil, collaborating with key banks and commodity firms to carry out the sales. As part of the strategy, the US plans to “selectively” lift sanctions that have restricted Venezuelan oil for decades.
Analysts note that the overall impact will depend on the specific details of the sales.
The plan has faced immediate criticism from Democrats. Senator Chris Murphy called it “insane,” saying the US was effectively seizing Venezuelan oil as leverage.
Venezuela holds some of the world’s largest proven oil reserves. However, years of mismanagement, underinvestment, and sanctions have limited output to roughly one million barrels per day—less than 1% of global production. In recent years, most of this oil went to China, but US measures against Maduro have disrupted even that supply.
Beijing’s foreign minister condemned the US seizure and the plan to control Venezuelan oil.
Analysts suggest that US companies like Chevron, the last major American oil firm still operating in Venezuela, and US refineries equipped for heavy crude could benefit in the short term. Increased Venezuelan oil exports may also pressure Mexico and Canada, which currently supply similar crude to US refineries.
