US to sell Venezuela’s oil ‘indefinitely’, says energy secretary: Report
US Energy Secretary Chris Wright details plan to market 50 million barrels of crude via US accounts following the capture of Nicolas Maduro by US forces
Days after the Donald Trump administration in the US virtually kidnapped Venezuelan President Nicolas Maduro and his wife from their bedroom, more clarification is coming in on what the superpower plans to do with the Latin American country’s oil, its most precious resource.
Energy Secretary Chris Wright has said in no uncertain terms that the Trump administration plans to control the sales of Venezuelan crude and hold the proceeds in US accounts, according to a Bloomberg report.
50 million barrels to begin with
Wright said at a conference on Wednesday (January 7) that the US will first sell the barrels that have been piling up in Venezuela thanks to the US blockade. “We’re just going to get that crude moving again and sell it,” Wright ‘reportedly said.
Also read: US tells Venezuela to cut ties with China, Russia, Iran to sell oil
“We’re going to market the crude coming out of Venezuela–first this backed-up stored oil, and then indefinitely going forward, we will sell the production that comes out of Venezuela.”
Trump said on Tuesday evening that Venezuela would give up a staggering 30–50 million barrels—valued at about $2.8 billion at current market prices—for the US to sell. White House Press Secretary Karoline Leavitt said during Wednesday’s briefing that the US has already started marketing Venezuelan crude.
‘Not stealing,’ claims US
Revenue from the sales will reportedly be held in US Treasury accounts, ostensibly to protect the proceeds from Venezuela’s creditors. “We’re not stealing anyone’s oil,” Wright told CNBC in an interview. “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.”
US forces have been seizing sanctioned oil tankers carrying Venezuelan crude as the Trump administration seeks to control all exports of it. As part of the plan, the US is also selectively rolling back sanctions on Venezuela’s oil sector.
Also read: 'Ready to lead Venezuela after Maduro's ouster,' says Machado
The Trump administration is actively pushing for US energy companies to rebuild Venezuela’s oil infrastructure and revive its flagging production. However, with the situation in the country uncertain, no US oil company has so far publicly expressed any willingness to take on the task.