The Trump administration plans to take control of future oil sales from Venezuela and channel the proceeds toward rebuilding the country’s economy after the removal of deposed President Nicolás Maduro.
According to Bloomberg, this was disclosed by US Energy Secretary Chris Wright on Wednesday during the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami.
He said Washington sees control of Venezuela’s oil flows and revenues as a key source of leverage to force economic and structural reforms in the country.
The plan comes as President Donald Trump pushes US and international oil companies to return to Venezuela, rehabilitate its collapsing oil infrastructure, and ramp up crude production after years of sanctions, mismanagement, and underinvestment.
What Wright is saying
Wright estimated that Venezuela’s crude oil production could be increased by several hundred thousand barrels per day in the short to medium term if infrastructure is restored and investment flows return.
“If we control the flow of oil and the flow of the cash that comes from those sales, we have large leverage,” Wright said.
“We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” he added.
- Under the administration’s plan, proceeds from oil sales would be deposited into government-controlled accounts and used to fund programmes aimed at improving the welfare of the Venezuelan people.
- President Trump has reportedly encouraged major oil companies such as Chevron, ConocoPhillips, and Exxon Mobil to take the lead in rebuilding Venezuela’s oil sector, which has deteriorated sharply over the past two decades.
What this means
For global energy markets, a revival of Venezuelan oil production could add significant supply over time, potentially influencing crude prices and reshaping flows, particularly in the Atlantic Basin.
For Venezuela, the proposal represents a radical departure from the state-controlled oil model that has dominated the country for decades.
By placing oil sales and revenues under external control, the Trump administration is effectively tying economic recovery to compliance with US-backed reforms.
However, the strategy also carries political and operational risks, especially if domestic opposition emerges or if future US administrations adopt a different approach.
Backstory
Hours after the capture and removal of the former Venezuelan leader, Maduro, on January 3, 2025, Trump had announced that the United States would temporarily administer Venezuela pending what he described as a “safe, proper and judicious” leadership transition.
- According to the U.S. president, Washington’s immediate focus would be stabilising the country, securing its energy infrastructure, and preparing the ground for a future transition, with U.S. forces remaining on alert.
- U.S. prosecutors have accused Maduro, among others, of leading or participating in a narco-terrorism conspiracy, alleging that he and senior Venezuelan officials worked with international drug trafficking groups to ship large quantities of cocaine to the United States.
- The indictment claims he collaborated with violent cartels and armed groups to facilitate trafficking.
