WASHINGTON: Top US officials said on Wednesday that Washington plans to control Venezuela’s oil sales and revenues indefinitely to stabilise the country’s economy, rebuild its oil sector, and ensure its actions align with US interests. The comments come after US forces abducted Venezuelan President Nicolas Maduro in a raid on Caracas, highlighting oil’s central role in President Donald Trump’s strategy for the nation.
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US Energy Secretary Chris Wright told the Goldman Sachs Energy, CleanTech & Utilities Conference that controlling oil sales would allow the US to “drive the changes that simply must happen in Venezuela.” He added that revenues could be used to stabilise the economy and eventually repay oil majors, such as Exxon Mobil and ConocoPhillips, for losses from nationalisation under former president Hugo Chavez.
— Rapid Response 47 (@RapidResponse47) January 7, 2026
.@SecretaryWright on Venezuelan oil: “We’re going to market that crude… we’re going to allow that crude to be sold, so that revenue can be generated — but then we’re going to control the flow of that revenue to make sure it’s going to productive reasons in Venezuela.” pic.twitter.com/FniE2knqAJ
— Rapid Response 47 (@RapidResponse47) January 7, 2026
Vice President JD Vance said controlling Venezuela’s energy resources gives Washington leverage over the interim government. “We control the energy resources, and we tell the regime: ‘You’re allowed to sell oil so long as you serve America’s national interest,’” he said, stressing that this approach avoids endangering American lives.
The plan already includes marketing stored Venezuelan oil first, followed by ongoing production, with proceeds deposited into accounts controlled by the US government. Officials said the US is coordinating with leading commodity marketers and major banks to execute sales and is engaging US oil companies to explore increasing production over the long term.
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A preliminary deal was announced on Tuesday, allowing up to $2 billion worth of Venezuelan crude to be exported to the US. Trump said proceeds would be used to purchase American-made goods, while Venezuela’s state-owned PDVSA confirmed negotiations with the US, noting that sales would occur at fair market prices.
Wright indicated that reviving Venezuela’s oil output to past levels could take years, although production increases are possible in the near term with equipment and technology investments. The initiative is part of a broader effort to stabilise Venezuela’s energy sector while exerting sustained US influence over the country’s economy.