The United States will take control of sales from Venezuelan oil as it begins to loosen long-standing sanctions on the country’s crude exports.

Officials said this move will give the US leverage over how the revenue is used.
The plan is expected to start with the sale of 30 million to 50 million barrels of oil. The money from these sales will be held in accounts controlled by the US government, while a portion may eventually support Venezuela’s economy.

Energy Secretary Chris Wright said the goal is to push for political and economic changes in Venezuela, while ensuring funds help the people and not the government. “We need to have that leverage to drive the changes that simply must happen in Venezuela,” he said.

President Donald Trump said the oil would be sold at market prices, with proceeds managed by the US and used to benefit both Americans and Venezuelans. The White House is already working with banks and commodity companies to start selling the oil.

Venezuela’s state oil company, PDVSA, said negotiations are ongoing, and any sales will follow existing agreements used with international firms.
US officials said the plan also involves selectively lifting sanctions that have limited Venezuelan oil exports for decades.

Secretary of State Marco Rubio said the money will be distributed in a way that benefits ordinary people, not corrupt officials.
The move has drawn criticism from some US lawmakers. Senator Chris Murphy called it “insane” and warned it could set a dangerous precedent by controlling another country’s oil.

Venezuela has some of the world’s largest oil reserves, but years of mismanagement, underinvestment, and sanctions have reduced production to about one million barrels per day less than 1% of global supply. Most of the country’s oil has recently gone to China, though US actions have disrupted these shipments.

Industry analysts say US companies like Chevron could benefit from increased Venezuelan oil in the short term, while Mexican and Canadian producers may face more competition. But restoring Venezuela’s oil industry to full capacity will take years and billions of dollars in investment.
President Trump is expected to meet with oil executives at the White House this week to discuss the plan further.