US EditionOil sales from Venezuela to continue indefinitely, sanctions will be reduced: Report
The U.S. will control Venezuelan crude sales and revenues indefinitely, easing some sanctions to revive oil production and benefit both nations, Energy Secretary Chris Wright said.
- On Wednesday, Energy Secretary Chris Wright said the Trump administration will indefinitely oversee Venezuelan oil sales, with proceeds deposited in U.S.-controlled bank accounts for government discretion.
- Wright argued controlling sales creates leverage, including supplying diluent and parts imports and investing in Venezuela's electric grid to revive production, while the U.S. selectively eases sanctions to resume exports.
- The administration says it has already begun taking and marketing Venezuelan oil, with Caracas and Washington agreeing to export up to $2 billion, turning over 30 to 50 million barrels.
- That control gives the U.S. near-complete sway over Venezuela's finances, as about half of the Venezuelan government's budget depends on state-owned oil company revenue, while local industry analysts say major oil companies need long-term stability guarantees before investing.
- Senior officials will meet industry leaders, including a Friday White House session, while Goldman Sachs warned of `two-sided` risks for 2026 prices and Brent crude rose 0.32% to $59.53.
337 Articles
337 Articles
By gaining control of Venezuelan oil, the US president is placing himself as a superpower on fossil fuels against China, the leader in electrification and renewables, analyzes the economics professor.
Energy secretary says Chevron expansion, US oil role in Venezuela could come ‘pretty quickly’
As the White House prepares to meet with America’s largest oil companies about Venezuela’s oil sector, U.S. Energy Secretary Christopher Wright explained what could come next for the crude-rich country and what timeline producers might face in helping develop its resources."Of course, we'd like to go back to Venezuela. You know, it's United States companies that started their oil and gas industry — Chevron's been there for over 100 years," Wrigh…
Asked how long this situation will last, a few months or more, Trump replied that it is expected for a period of "very long". He said that the United States intends to "reconstructe the country in a very profitable way", using Venezuelan oil and reducing prices at global level, while a part of the revenue should be directed to Caracas.The USA could control Venezuela for years, says Trump Declarations came after US officials transmitted that Wash…
US To Control Venezuelan Oil Sales 'Indefinitely,' Says Energy Secretary Chris Wright - iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO), State Street Energy Select Sector SPDR ETF (ARCA:XLE)
The United States has declared its intention to maintain a firm grip on Venezuela’s oil industry as the Energy Secretary, Chris Wright, outlined the detailed plan to revive the sector. Plan Aims To Restart Venezuela Output Wright, at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami on Wednesday, stated that the U.S. would continue to oversee the sale of Venezuela’s oil production “indefinitely.” “We will sell the production t…
Coverage Details
Bias Distribution
- 47% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
