Venezuela's Oil: A New Era of U.S. Control

The U.S. plans to control Venezuela's oil sales and revenues to stabilize its economy and boost oil sector recovery, following the ousting of Nicolas Maduro. Energy Secretary Chris Wright emphasized the importance of Venezuelan oil in U.S. strategy, with plans to repay major oil firms for past losses.

The United States is asserting control over Venezuela's oil sales and revenue, aiming for long-term economic stabilization and revitalization of the nation's oil sector. This move follows the recent political upheaval where President Nicolas Maduro was removed from power.

Energy Secretary Chris Wright, speaking at the Goldman Sachs Energy, CleanTech & Utilities Conference, stressed the significance of Venezuelan oil within President Donald Trump's strategy for the region. The plan involves marketing stored Venezuelan oil and controlling future production revenues, initially benefiting U.S. refineries equipped to process the crude.

The U.S. Department of Energy has already initiated oil sales and involved global commodity marketers and banks, with ongoing discussions with major U.S. oil companies to explore conditions for their return to Venezuela. The initiative is expected to benefit both Venezuelan and American economies, with wider implications for global energy markets.

(With inputs from agencies.)