The US Has Decided To Fully Control Venezuela's Oil Exports

The head of the U.S. Department of Energy has revealed Washington's plans.

The US intends to establish significant control over Venezuela's oil industry and fully control the country's exports. Such a statement was made by US Energy Secretary Chris Wright at the Goldman Sachs conference in Miami.

"In the future, we will send to the market products that come from Venezuela," the official was quoted by New York Times.

President Donald Trump earlier said that in the near future Venezuela will hand over 30-50 million barrels of oil to the US. The Americans would sell it themselves at market prices, and the money would go to benefit the people of Venezuela, among other things. Wright confirmed this plan. According to him, the profits from the oil should contribute to the changes that need to happen in the South American country.

In 2019, it was the US that imposed sanctions on Venezuelan oil imports, which led to a significant drop in production. Last December, the Americans imposed a partial blockade of the Venezuelan coast, and on January 7 seized two tankers (including the Russian-flagged Marinera) suspected of illegal shipments.

The Venezuelan authorities have not yet commented on Trump's and the U.S. Department of Energy's intentions. However, Wright said that the US president is actively dialoguing with Venezuelans, as are representatives of oil companies that used to work in the country.

Before the early 2000s, US oil companies had strategic agreements with Venezuela's PDVSA. However, after Ugo Chavez came to power, foreign oilfield developers were forced to form joint ventures with the state-owned company taking a majority stake in them. Under Nicolas Maduro, high-ranking Chevron employees were subject to criminal investigations. As a result, the U.S. imposed sanctions on Venezuela and blocked PDVSA's account in a U.S. bank.

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