U.S. Will Control Venezuelan Oil ‘Indefinitely’: Trump Admin

Energy Secretary Chris Wright said Wednesday that the United States plans to restart Venezuelan oil production, place oil sales and revenue under U.S.-controlled accounts, and establish strict conditions for American energy companies seeking to operate in the country — a strategy he said would ultimately benefit the Venezuelan people.

Oil sales will be “done by the U.S. government and deposited into accounts controlled by the U.S. government,” Wright said, according to Newsmax.

“Then from there, those funds can flow back into Venezuela to benefit the Venezuelan people, but we need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” he added.

Wright said he is actively engaging with U.S. oil companies to determine what terms would allow them to safely and profitably operate in Venezuela, emphasizing that Venezuelan crude should be directed to U.S. refineries.

“We’re going to market the crude coming out of Venezuela, first this backed-up, stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright said.

The remarks were delivered at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami.

Over the weekend, President Donald J. Trump said the United States would “take control” of Venezuela after U.S. forces ousted Venezuelan dictator Nicolás Maduro. The administration’s strategy centers on reviving Venezuela’s collapsing oil sector while preventing corruption and mismanagement from returning under future regimes.

U.S. oil executives visited the White House last week to discuss options for restoring Venezuela’s energy production. On Friday, Trump personally urged major energy firms to commit to rebuilding the country’s oil infrastructure, hosting a high-level meeting in the East Room.

Representatives from Chevron, ExxonMobil, ConocoPhillips, and more than a dozen other oil and gas companies attended the meeting, which took place less than a week after U.S. forces captured Maduro in Caracas, CBS News reported.

The president outlined a plan to sell millions of barrels of sanctioned Venezuelan oil, place the proceeds under U.S. oversight, and dramatically expand production capacity — an effort that would rely on substantial private-sector investment to rehabilitate Venezuela’s decaying infrastructure.

Trump has said he wants U.S. companies to invest approximately $100 billion in the initiative. During the public portion of the meeting, he encouraged executives to move swiftly to tap what he called Venezuela’s “tremendous wealth,” while assuring them the U.S. government would provide security guarantees.

Several executives acknowledged the opportunity but stopped short of making binding public commitments, citing lingering security concerns.

CNBC reported, however, that Trump later revealed oil companies will spend at least $100 billion to rebuild Venezuela’s energy sector, while the U.S. provides protection to ensure “they get their money back and make a very nice return.”

The president said the U.S. government will determine which oil companies are allowed to operate in Venezuela and confirmed that the White House would “cut a deal with the companies” Friday or shortly thereafter.

“One of the things the United States gets out of this will be even lower energy prices,” Trump said, according to CNBC.

An industry source told reporters the White House initiated the meeting, not the oil companies — underscoring the administration’s proactive approach to reshaping global energy markets.

Venezuela holds the world’s largest proven crude oil reserves, estimated at roughly 303 billion barrels, or about 17% of global reserves. Yet years of socialist mismanagement and corruption have devastated production, which has plunged from about 3.5 million barrels per day in the 1990s to roughly 800,000 barrels per day today.

Analysts estimate that restoring output to 3 million barrels per day would require more than $180 billion in investment through 2040, CNBC noted — a challenge the Trump administration believes American industry is uniquely positioned to meet.