U.S. Energy Secretary Declares "Indefinite" Control Over Venezuelan Oil Sales

Odaily News: U.S. Energy Secretary Chris Wright stated on the 7th that the United States will control Venezuelan oil sales "indefinitely." Wright said that the sales of Venezuelan oil will be controlled by the U.S. government, including not only existing stockpiles but also all future sales "indefinitely." The sales revenue will be deposited into accounts controlled by the U.S. government, after which the funds can be returned to Venezuela "for the benefit of the Venezuelan people." Wright stated that the U.S.'s near-term goal is to stabilize and increase Venezuelan oil production by providing heavy crude diluents, spare parts, equipment, and services. He mentioned that Venezuela's daily oil production could increase by hundreds of thousands of barrels in the coming years, but returning to historical highs would still require tens of billions of dollars in investment and "a considerable amount of time." The U.S. will create conditions for major American oil companies to enter Venezuela. The Trump administration is also considering establishing a compensation mechanism for U.S. oil companies investing in Venezuela. (Xinhua News Agency)