Trump doubles down on Venezuelan oil with sales and vessels seizure Submitted by Sean Mathews on Wed, 01/07/2026 - 18:23 Officials say the US will 'indefinitely' control Venezuelan oil as refineries and banks gear up for business An oil refining plant of state-owned Petroleos de Venezuela is pictured in Maracaibo in the state of Zulia, Venezuela, on 11 July 2024 (Federico Parra/AFP) Off US President Donald Trump said he will personally control the proceeds from the sale of tens of millions of barrels of Venezuelan oil, as his administration says the US is taking an "indefinite" stake in the Latin American country’s energy industry. “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” Trump wrote in a social media post late on Tuesday. He said the oil will be sold at market price and the proceeds "will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” The number cited by Trump is substantial, representing between 30 and 50 days' worth of the country’s yearly production. Venezuela is pumping around 800,000 barrels per day (bpd) of oil, down from a high three decades ago of around three million bpd. The US Energy Department signalled on Wednesday that Trump's announcement was just the start and that all proceeds from Venezuelan oil sales will be settled in US-controlled accounts at globally recognised banks. "We have engaged the world’s leading commodity marketers and key banks to execute and provide financial support for these crude oil and crude products sales," the department said. Brent Crude, the international benchmark, was down 1.37 percent at $59.87 per barrel amid news of the announcement. US Energy Secretary Chris Wright said on Wednesday during a conference in Miami that the US would sell blockaded Venezuelan oil “indefinitely”. 'Indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace' - US Energy Secretary Chris Wright “We’re going to market the crude coming out of Venezuela - first this backed up, stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” 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. Venezuelan oil is heavy and especially well-suited for US refineries in the Gulf of Mexico, which Trump renamed the Gulf of America. If Trump can sustain the flow of Venezuelan crude to the US, it would represent a boon to US refineries and potentially American consumers of gasoline and diesel, which are oil’s refined products. Trump is battling sticky inflation in the US and growing concerns about “affordability”. Trump imposed a blockade on Venezuela’s oil industry in the lead-up to the US’s attack on the country and abduction of President Nicolas Maduro over the weekend. The blockade crippled the oil industry, which had been suffering from blistering US sanctions and, before that, decades of mismanagement and underinvestment. Vessel seized Millions of barrels of Venezuelan oil became stuck on ships and in land storage during the US blockade in the Caribbean. Much of it was due to arrive in China and Russia, experts say. With Maduro now sitting in a New York City jail cell, Trump has ramped up efforts to dominate Venezuela’s oil. On Wednesday, the US seized an empty Russian-flagged tanker linked to Venezuela’s oil trade in the Atlantic. The operation, which was supported by Britain's Royal Air Force, showed Trump’s willingness to clash with Russia, a nuclear-armed state with which the US is negotiating over the war in Ukraine. A Russian submarine and other vessels were providing a shadow escort for the tanker, and in the vicinity, when the US Coast Guard and special military forces boarded the vessel, Reuters reported. The White House attempted to downplay any connection to Russia. "This was a Venezuelan shadow fleet vessel that has transported sanctioned oil. The vessel was deemed stateless after flying a false flag, and it had a judicial seizure order, and that's why the crew will be subject to prosecution," White House Press Secretary Karoline Leavitt told reporters. Venezuela has more oil than any country in the world, with around 17 percent of global reserves. Trump has put the country’s oil wealth at the centre of his attack, which recalls US “gunboat diplomacy” in Latin America at the beginning of the 20th century. Venezuela crisis News Post Date Override 0 Update Date Mon, 05/04/2020 - 21:19 Update Date Override 0