Trump admin to control Venezuelan oil sales in radical shift aimed at restarting crude flow
Energy Secretary Chris Wright said on Wednesday the Trump administration will oversee the sale of Venezuelan oil and control the proceeds under a new export plan designed to get crude...
By Fox News · Fox News
Energy Secretary Chris Wright said on Wednesday the Trump administration will oversee the sale of Venezuelan oil and control the proceeds under a new export plan designed to get crude flowing again and stabilize production. "Yes, we are trying something radically different," Wright told an audience at Goldman Sachs' annual energy conference in Miami. "Instead of the oil being blockaded as it is right now, we are going to let the oil flow, selling it to U.S. refineries and markets around the world to improve oil supplies." The revelation follows President Donald Trump’s Tuesday evening announcement that Venezuela would transfer up to 50 million barrels of oil to the United States, worth about $2.8 billion at current market prices. FROM SANCTIONS TO SEIZURE: WHAT MADURO'S CAPTURE MEANS FOR VENEZUELA’S ECONOMY Wright said the sales would be fully supervised by the U.S. government, with proceeds deposited into accounts controlled by Washington. "From there, those funds can flow back to Venezuela and benefit the Venezuelan people," he said, adding that the U.S. needs to maintain leverage over the Latin American country in order to "drive the changes that simply must happen in Venezuela." Venezuela’s oil industry was once the backbone of the nation’s wealth, anchoring an economy built around energy exports. The country holds more than 300 billion barrels of proven oil reserves, surpassing established energy giants including Saudi Arabia, Iran and Kuwait. US NOW IN CONTROL OF VENEZUELA’S OIL RESERVES, THE LARGEST IN THE WORLD Combined with its strategic Caribbean coastline, that vast energy wealth once positioned Venezuela as an economic powerhouse before years of mismanagement and sanctions hollowed out the economy. Wright said the administration is now working directly with Caracas to restart exports, beginning with crude currently stranded in storage and offshore floating facilities. ‘WE BUILT VENEZUELA’S OIL INDUSTRY:’ TRUMP VOWS US ENERGY RETURN AFTER MADURO CAPTURE…