Bessent says largest oil companies are likely to move slower in Venezuela

The largest oil companies are likely ‌to move slower in terms of making investments ⁠in Venezuela, with wildcatters or independent oil companies likely to move much more quickly, ​U.S. Treasury Secretary Scott Bessent said on ‍Thursday. Bessent, speaking to the Economic Club of Minnesota, said Treasury's role would be to ⁠remove ‌sanctions ⁠on various entities in Venezuela, while imposing new ‍sanctions on others.

"And then Treasury will ​oversee - as the asset sales of ⁠the oil are done - Treasury will oversee ⁠the account," Bessent said, adding Treasury would handle disbursement of funds back ⁠into Venezuela at the direction of President ⁠Donald ‌Trump and Secretary of State Marco Rubio.