The United States has declared its intention to maintain indefinite authority over Venezuela’s oil industry following a military operation in Caracas that resulted in the capture of President Nicolas Maduro and his wife. US Energy Secretary Chris Wright announced on Wednesday that Washington would continue marketing Venezuelan crude oil globally, asserting permanent control over the nation’s petroleum resources.
This development comes after President Donald Trump revealed that Venezuela’s interim government would transfer 30-50 million barrels of high-quality sanctioned oil to the US, valued at approximately $2.8 billion based on current global prices. Trump explicitly stated that the profits from these oil sales would be controlled by his administration and immediately brought into the United States.
White House Press Secretary Karoline Leavitt confirmed that the US government has already initiated the global marketing of Venezuelan crude, with proceeds to be disbursed “for the benefit of the American people and the Venezuelan people at the discretion of the United States government.”
The Trump administration has established stringent conditions for the resumption of Venezuela’s oil operations, including severing ties with China, Cuba, Iran, and Russia while agreeing to exclusive partnership with the United States on oil production. Additionally, US officials indicated that discussing a timetable for Venezuelan elections remains “too premature and too early.”
In a significant escalation, US forces seized two Venezuela-linked oil tankers in the Atlantic Ocean, including one sailing under Russia’s flag, as part of Washington’s broader strategy to control oil flows throughout the Americas. This action risks further confrontation with Russia, which has condemned US operations in Venezuela.
Critics have characterized the US actions as exceeding mere military intervention. Vijay Prashad, director of the Tri-continental: Institute for Social Research, described Trump’s oil statement as “beyond an act of war; it is an act of colonization” that violates the UN Charter.
The developments occur against the backdrop of more than two decades of US sanctions against Venezuela, justified by Washington citing concerns including alleged government links to narcotics trafficking, which US officials characterize as “narco-terrorism” threatening national security, alongside accusations of widespread corruption and democratic erosion.