US Announces Plan To Take 'Indefinite' Control Of Venezuelan Oil Sales

Last Updated:January 08, 2026, 15:48 IST

The US says it will sell Venezuela’s backed-up crude and all future output, placing proceeds in American accounts as it deepens control over the country’s oil.

Donald Trump said Venezuela would relinquish 50 million barrels of crude for the US to sell, valuing the shipment at about $2.8 billion. (AP Photo)

The United States has announced a sweeping plan to take control of Venezuela’s oil sales “indefinitely", saying it will market crude held in storage as well as all future production from the country’s vast reserves.

Energy Secretary Chris Wright said the US would begin selling the oil that has been backed up for months amid sanctions, before moving to long-term oversight of production flows. “We’re just going to get that crude moving again and sell it," he said. “We’re going to market the crude coming out of Venezuela – first this backed-up stored oil and then indefinitely going forward."

The US has already started marketing Venezuelan crude and plans to sell up to $3bn worth of stranded oil sitting in tankers and storage facilities. President Donald Trump said Venezuela would relinquish 50 million barrels of crude for the US to sell, valuing the shipment at about $2.8 billion. In a post, he wrote: “That money will be controlled by me, as President … It will be taken by storage ships, and brought directly to unloading docks in the United States."

Revenue To Sit In US Accounts

The White House said the proceeds from Venezuelan oil sales will be held in US Treasury accounts. Wright told CNBC: “We’re not stealing anyone’s oil. We’re going to restart the selling of Venezuelan oil on global crude markets, put it in accounts in the name of Venezuela and bring those funds back into Venezuela for the benefit of the Venezuelan people."

He also said controlling both the oil and the cash gives the US considerable leverage: “If we control the flow of oil and the flow of the cash that comes from those sales, we have large leverage."

US Vice President JD Vance said Venezuela would be allowed to export oil only on terms set by Washington. “We control the energy resources, and we tell the regime you’re allowed to sell the oil so long as you serve America’s national interest," he said. “You’re not allowed to sell it if you can’t serve America’s national interest."

Two Sanctioned Tankers Seized As US Tightens Grip

The US also seized two sanctioned tankers carrying Venezuelan crude. The Marinera, previously known as the Bella 1, was sailing under the Russian flag and is believed to be part of a shadow fleet moving oil for Russia, Iran and Venezuela. It was intercepted south of Iceland as it attempted to turn back towards the Atlantic. Reports said Moscow had dispatched a submarine to safeguard the vessel. A second tanker, the Sophia, was later seized in the Caribbean.

US Secretary of State Marco Rubio said Venezuela’s interim leaders had asked for the seized oil to be included in the arrangement with Washington. “They want the oil that was seized on one of those ships to be part of the deal," he said. “They understand that the only way they can move oil and generate revenue and not have economic collapse is if they work with the United States."

PDVSA Confirms Negotiations With Washington

Venezuela’s state-owned oil company, PDVSA, said it is moving ahead with negotiations for the sale of crude to the US. In statements circulated via official Telegram channels, PDVSA said the process is being carried out under “criteria of legality, transparency and mutual benefit", and follows schemes similar to arrangements with Chevron.

Under existing structures, PDVSA controls 50 per cent of operations in the country, Chevron holds about 25 per cent, joint ventures with China and Russia account for around 20 per cent, and European companies hold the remaining 5 per cent.

The US seizure of Venezuelan crude risks disrupting shipments to China, which currently takes about 80 per cent of the country’s exports. Beijing said Venezuela “enjoys full and permanent sovereignty over its natural resources and economic activities", and criticised US demands as violating international law.

US Pushes Chevron, Exxon And ConocoPhillips To Rebuild Infrastructure

The Trump administration is urging US oil companies — including Chevron, ConocoPhillips and ExxonMobil — to help rebuild Venezuela’s deteriorated oil sector. Trump is scheduled to meet senior executives on Friday to discuss potential investment, with Secretary of State Marco Rubio expected to attend.

Trump has said he wants Venezuela’s interim president, Delcy Rodríguez, to give the US and private companies “total access" to the country’s oil industry. He has previously described the nationalisation of US company assets in the mid-2000s as “the greatest theft in the history of America".

Years of corruption, underinvestment and neglect have reduced Venezuela’s output to less than 1 million barrels a day. Wright said production could be increased by several hundred thousand barrels a day in the short to medium term.

Analysis cited by the Guardian estimates that restoring Venezuela’s oil output to its 1990s peak of about 3.5 million barrels a day could take around 15 years and require up to $185bn in investment.

Oil Prices Slip As US Moves To Control Supply

Global oil prices fell after the US announcement. Brent crude slipped to just over $60 a barrel, while US crude was down 0.5 per cent at $60.39 after earlier falling below $56. The Guardian reported that last year’s oil prices had recorded their steepest annual fall since the Covid pandemic, and analysts have warned that uninterrupted Venezuelan supply could weigh further on prices.

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