White House: US Will Control Venezuelan Oil "Indefinitely"

The Trump administration announced on Wednesday that the United States will assume control over Venezuela’s oil sales for the foreseeable future, marking one of the most far-reaching economic interventions Washington has ever taken against a foreign energy producer.

Speaking at an energy conference in Florida, US Energy Secretary Chris Wright said the United States would take responsibility for marketing and selling Venezuelan crude, with revenues deposited into US-controlled accounts. According to Wright, the funds are intended to eventually “flow back” to Venezuela under conditions determined by Washington.

The policy follows the capture of former Venezuelan strongman Nicolás Maduro and President Donald Trump’s declaration that Venezuela would hand over tens of millions of barrels of oil to the United States. Trump said the move would allow American authorities to restart production, stabilize global oil markets and use Venezuela’s energy wealth as leverage in reshaping the country’s political future.

Wright said the first phase would involve selling millions of barrels of crude currently stranded in storage due to sanctions and blockades. After that, the United States would oversee the sale of Venezuela’s ongoing oil production “indefinitely.” He emphasized that the oil would be sold at market prices and shipped primarily to US refineries, many of which are configured to process Venezuela’s heavy crude.

Trump has framed the plan as a pragmatic alternative to leaving Venezuelan oil frozen under sanctions. He argued that allowing the oil to flow under US supervision would improve global supply while denying corrupt networks access to the revenue. The president also said American oil companies could rehabilitate Venezuela’s oil fields within 18 months, though industry experts have privately described that timeline as optimistic.

Under the plan, Washington is preparing to selectively roll back sanctions to facilitate sales, while maintaining direct control over the proceeds. White House officials said the administration has already begun working with banks and commodity traders to execute the transactions. Estimates suggest the initial sale of 30 to 50 million barrels could generate roughly $2.8 billion, though it remains unclear how much of that money would ultimately reach Venezuelan institutions.

The proposal has drawn sharp criticism from Democrats, who argue the policy amounts to seizing another country’s natural resources. Senator Chris Murphy called the plan “stunning,” warning it would entangle the United States in micromanaging Venezuela’s economy and politics for an undefined period.

Venezuela’s state oil company PDVSA said negotiations over oil sales were ongoing, signaling unease over the scope of Washington’s announcement. Chinese officials also condemned the move, noting that Venezuelan oil has historically flowed to China and accusing the United States of economic coercion.

Despite the administration’s confidence, oil executives and analysts have raised doubts about the long-term viability of the strategy. Venezuela’s oil infrastructure has suffered decades of neglect, with pipelines, refineries and fields requiring tens of billions of dollars in investment. Even with US backing, executives question whether shareholders will support such costly projects in a country with a long history of expropriation and political instability.

In the short term, US refineries and firms like Chevron, the last major American oil company still operating in Venezuela, stand to benefit from increased access to heavy crude. But analysts caution that any meaningful increase in production will take years, not months, and will require sustained political stability that Venezuela has yet to demonstrate.

For now, the administration is betting that control over oil revenues will give Washington unmatched leverage over Venezuela’s transition. Whether that leverage translates into stability, investment and eventual elections remains an open question, but the United States has clearly signaled it intends to sit at the center of Venezuela’s oil economy for the long haul.