‘Going to get that crude moving again’: US lays out plan to sell Venezuelan oil indefinitely

Washington DC: The United States will sell Venezuelan oil indefinitely and manage the proceeds through US-controlled financial accounts, Energy Secretary Chris Wright has said, outlining Washington’s clearest strategy yet to revive and control the crisis-hit country’s most valuable resource.

Speaking at a Goldman Sachs conference in Miami, Wright said the initial focus would be on selling large volumes of crude currently held in storage, which have accumulated due to US restrictions and risk forcing production shutdowns. He added that the US would then continue selling all future Venezuelan oil production on an ongoing basis.

White House Press Secretary Karoline Leavitt confirmed that the US has already begun marketing Venezuelan crude, with all proceeds to be deposited in US Treasury-controlled accounts at globally recognised banks. The funds, she said, would ultimately be distributed for the benefit of both the American and Venezuelan people at the discretion of the US government.

President Donald Trump has stated that Venezuela would relinquish up to 50 million barrels of oil for the US to sell, worth an estimated $2.8 billion at current prices. Officials say holding the funds in US accounts would shield the revenue from Venezuela’s creditors.

The plan is part of a broader push by Washington to rebuild Venezuela’s decaying oil infrastructure and revive production after years of corruption, underinvestment and sanctions. The US has begun selectively rolling back oil-sector sanctions and is encouraging American energy firms to return. Chevron currently operates in Venezuela under a special licence, while Exxon Mobil and ConocoPhillips exited the country after nationalisations under former president Hugo Chávez.

US forces have also seized multiple sanctioned oil tankers in recent days, including vessels linked to Russia, as part of efforts to control Venezuelan crude exports. One tanker was intercepted south of Iceland, while another was seized in the Caribbean.

Venezuela’s oil output remains below one million barrels a day. Wright said production could rise by several hundred thousand barrels daily in the short to medium term, though experts estimate restoring the industry fully would require investments of around $10 billion annually for the next decade.

Global oil prices fell around 1.3 per cent on Wednesday, with futures trading near $60 a barrel, as markets reacted to the developments.