Washington Moves to Restore Venezuelan Oil Flows Under Strict U.S. Control
U.S.
Energy Secretary Chris Wright announced that Washington is developing a new mechanism to restore the flow of Venezuelan crude to American markets, with revenues to be deposited in accounts under direct U.S.
oversight, paving the way for U.S.
oil companies to re-enter Venezuela.
Wright stated that he is holding extensive talks with major American energy firms to assess the technical and legal requirements for returning to the Venezuelan market, emphasizing that the primary objective is to sell Venezuelan crude to U.S.
refineries and help offset supply shortages.
The remarks were delivered during the Goldman Sachs Energy, Clean Technology and Utilities Conference in Miami, where industry leaders discussed the future of conventional energy and the continuing role of oil.
Earlier, President Donald Trump indicated that the United States intends to expand its influence over Venezuela following recent political and security developments, signaling a new phase in bilateral relations.
Media reports also revealed that senior executives from U.S.
oil companies are expected to visit the White House in the coming days to discuss plans aimed at reviving Venezuela’s struggling oil sector.
Trump previously unveiled a large-scale U.S.
strategy to capitalize on Venezuela’s massive oil reserves — the largest in the world — claiming that production could be significantly increased within less than a year and a half.
Energy Secretary Chris Wright announced that Washington is developing a new mechanism to restore the flow of Venezuelan crude to American markets, with revenues to be deposited in accounts under direct U.S.
oversight, paving the way for U.S.
oil companies to re-enter Venezuela.
Wright stated that he is holding extensive talks with major American energy firms to assess the technical and legal requirements for returning to the Venezuelan market, emphasizing that the primary objective is to sell Venezuelan crude to U.S.
refineries and help offset supply shortages.
The remarks were delivered during the Goldman Sachs Energy, Clean Technology and Utilities Conference in Miami, where industry leaders discussed the future of conventional energy and the continuing role of oil.
Earlier, President Donald Trump indicated that the United States intends to expand its influence over Venezuela following recent political and security developments, signaling a new phase in bilateral relations.
Media reports also revealed that senior executives from U.S.
oil companies are expected to visit the White House in the coming days to discuss plans aimed at reviving Venezuela’s struggling oil sector.
Trump previously unveiled a large-scale U.S.
strategy to capitalize on Venezuela’s massive oil reserves — the largest in the world — claiming that production could be significantly increased within less than a year and a half.
