US plans to control Venezuela's oil sales indefinitely

U.S. Energy Secretary Chris Wright announced the U.S. plans to maintain control over Venezuela’s oil industry, overseeing sales “indefinitely.” This follows President Trump’s statement about Venezuela sending 30 to 50 million barrels of oil to the U.S. Wright emphasized the need for leverage over oil sales to bring change to Venezuela, suggesting profits could benefit the Venezuelan people.

The U.S. has previously restricted Venezuela's oil production since 2019 due to sanctions. There are questions about the legal framework for overseeing these sales. A White House spokesperson mentioned a deal with Venezuela’s interim authorities. Wright indicated ongoing discussions with Venezuela’s leadership and U.S. oil companies. While oil prices dipped 1% after his comments, experts forecast potential increases in Venezuela's production.