On January 7, 2026, US Energy Secretary Chris Wright announced that the US would take over Venezuelan oil sales “indefinitely” in order to implement reforms in the country that is suffering from a deep crisis. At the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami, Wright explained the way in which the US government would control the oil flow, sales, and revenues that would be passed through the US-controlled accounts.
Trump’s Mandate and First Transfer
The US President Donald Trump declared on January 6 that the transitional authorities in Venezuela had conceded to the transfer of 30-50 million barrels of sanctioned crude oil, valued at up to $2.8 billion, to the US. Trump directed Middlesex Wright to put the plan into action straight away, transporting the oil to US ports and refineries while lifting some sanctions so it could be marketed globally.
Wright’s Governing Structure
“We are going to sell the Venezuelan crude, first from the storage that got backed up, and then forever the production,” Wright said. Proceeds will go into American accounts, giving the US “power” to impose changes that would be good for the Venezuelans. The heavy crude will be diluted, and the US oil companies will be allowed to increase their daily production from 1 million barrels.
Raising Production and Negotiations
Wright has “active conversations” with the Venezuelan government and the US oil companies, pinpointing conditions for entry. The immediate increase in output by several hundred thousand barrels per day is possible, which will not only benefit the economy of Venezuela but also serve the energy interests of the US.
Wider Consequences
This situation comes after the downfall of Maduro, which places the US in the position of the overlord of the operations of PDVSA under the condition of sanctions relaxation. While Caracas has not issued any public statement, oil industry executives have their eyes on the meetings at the White House.
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