The United States intends to maintain indefinite control over Venezuela’s oil sales and revenue as a primary lever to enforce political and economic changes in the country, according to U.S. Energy Secretary Chris Wright. This strategy follows the recent U.S. military operation that ousted Venezuelan leader Nicolas Maduro, placing the nation’s vast oil reserves at the center of Washington’s policy.
A Strategic Lever for Change
Speaking at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami on Wednesday, Secretary Wright outlined the administration’s rationale. “We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” Wright stated. He emphasized that the plan involves marketing stored Venezuelan oil first, followed by selling ongoing future production. Revenues from these sales would be deposited into accounts controlled by the U.S. government.
Wright framed the move as beneficial for multiple parties. “Instead of the oil being blockaded as it is right now, we’re going to let the oil flow,” he said. Selling the oil, he argued, “will benefit the American people, the American economy and global energy markets, but of course, it will also massively benefit the people of Venezuela.”
Initial Deal and Industry Engagement
The comments come after the U.S. and officials in Caracas reached a deal on Tuesday to export up to $2 billion worth of Venezuelan crude to the United States. This agreement is seen as a direct response to President Donald Trump’s demand that Venezuelan officials open the industry to U.S. companies or face further intervention. Trump has stated he wants interim President Delcy Rodriguez to grant “total access” to Venezuela’s oil sector.
To facilitate a production increase, Wright said he is speaking with U.S. oil companies to understand the conditions needed for them to re-enter Venezuela. “The resources are immense. This should be a wealthy, prosperous, peaceful energy powerhouse,” he noted. “That’s the plan.”
White House Focus on Production Boost
Raising Venezuela’s crude output is a top priority for the Trump administration. President Trump is scheduled to meet with the heads of major U.S. oil companies at the White House on Friday. Representatives from Exxon Mobil, ConocoPhillips, and Chevron—all firms with historical experience in Venezuela—are expected to attend, according to a source familiar with the planning.
The need for investment is acute. Venezuela’s oil production has plummeted from a peak of 3.5 million barrels per day in the 1970s to an average of about 1.1 million barrels per day last year, due to mismanagement and a lack of foreign investment.
Long Road to Recovery
While optimistic about short-term gains, Wright acknowledged that a full recovery would be a lengthy and capital-intensive process. “We could get several hundred thousand barrels a day of additional production in the short to medium term if the conditions are there for just small capital deployments,” he said. However, he cautioned that returning to historical production levels “takes tens of billions of dollars and significant time.”
The strategy underscores the U.S. view of Venezuela’s oil—the largest proven reserves in the world, yet accounting for only about 1% of global supply—as both an economic prize and a political tool to shape the country’s future.
