Venezuela's interim leader, Delcy Rodríguez, has publicly supported a prospective oil agreement with the administration of Donald Trump. This comes as the United States takes significant steps to assert its authority over the South American nation's vast petroleum reserves, the largest proven in the world.
US Moves to Control Venezuelan Oil Sales
The Trump administration has made its intentions clear, seizing two sanctioned oil tankers on Wednesday. US Energy Secretary Chris Wright announced that Washington would now manage all sales of future Venezuelan crude production and oversee the global sale of the country's petroleum. "We're going to market the crude coming out of Venezuela," Wright stated, indicating this control would apply first to stored oil and then "indefinitely" to ongoing production.
This aggressive stance follows a deal, announced by Trump on Tuesday, granting the US access to up to $2bn worth of Venezuelan crude. The move is seen as a direct response to Trump's demands that Venezuelan officials open the market to American oil companies or face the threat of further military intervention.
Vance Outlines Stringent US Conditions
In a televised interview, Trump's vice-president, JD Vance, explicitly outlined the terms of the new American oversight. He asserted that Venezuela would only be permitted to sell its oil if it aligns with Washington's strategic goals. "We control the energy resources, and we tell the regime, you're allowed to sell the oil so long as you serve America's national interest," Vance told Fox News.
Rodríguez, while criticising the US attack that removed her predecessor Nicolás Maduro as a "stain" on relations, argued that trading with the US was "not unusual or irregular." She expressed that Venezuela remained "open to energy relations where all parties benefit." Despite this, Trump has continued to pledge that the US will "run" the country, a claim Rodríguez has pushed back against.
Oil Executives Seek Guarantees for Investment
The US energy department has declared that the "only oil transported in and out of Venezuela" will be through channels approved by Washington and consistent with US law. This level of control could allow the Trump administration to influence global oil prices by leveraging Venezuela's massive reserves.
Trump is scheduled to meet with major oil company executives at the White House on Friday to discuss boosting Venezuelan production. However, reports indicate that these firms are seeking "serious guarantees" from the US government before committing large-scale investments to revive Venezuela's damaged oil industry. The Financial Times noted that executives will press for strong legal and financial protections, while Reuters reported US officials have urged a rapid return of American capital to the country.
In a social media post, Trump added another condition, stating he had been informed that Venezuela would use profits from any oil deal to purchase exclusively American-made products. This potential agreement marks a dramatic shift in the control of a key global energy resource, with profound implications for international diplomacy and markets.
