In a significant escalation of economic pressure, the administration of former US President Donald Trump is moving to assert direct control over Venezuela's lucrative oil industry. This follows the seizure of two sanctioned tankers and a declaration that Washington will manage all future sales of the country's crude oil.
Venezuela's Interim Leader Defends Potential Deal
Venezuela's interim president, Delcy Rodríguez, has publicly defended the possibility of opening her nation's oil market to Washington. Speaking on Wednesday, Rodríguez acknowledged that America's prior attack to remove her predecessor, Nicolás Maduro, had stained bilateral relations. However, she stated it was "not unusual or irregular" to trade with the US, adding that Venezuela remained "open to energy relations where all parties benefit."
This stance comes as Trump's vice-president, JD Vance, made stark claims about US dominance. In an interview on Fox News, Vance asserted that the United States controls Venezuela's energy resources. "We tell the regime, you're allowed to sell the oil so long as you serve America's national interest," Vance stated, framing any future sales as contingent on US approval.
US Seizes Assets and Claims Management Role
The Trump administration's actions have moved beyond rhetoric to tangible asset seizure. On Wednesday, US authorities confiscated a pair of sanctioned Venezuelan oil tankers. Concurrently, officials announced they would take charge of marketing all future crude production from Venezuela, overseeing its global sale.
US Energy Secretary, Chris Wright, outlined the plan: "We're going to market the crude coming out of Venezuela. First this backed-up store of oil, and then indefinitely going forward we will sell the production that comes out of Venezuela in the marketplace." The US Energy Department has decreed that the "only oil transported in and out of Venezuela" will be through channels it approves, aligning with US law and national security.
Broader Implications for Global Oil Markets
This level of control over the world's largest proven crude oil reserves could grant the Trump administration substantial influence over global oil supplies and prices. The strategy was underscored by Trump himself in a social media post, where he declared that Venezuela would use profits from any oil deal to purchase "ONLY American Made Products."
Despite this aggressive posture, significant hurdles remain. Trump is scheduled to meet with major oil company executives at the White House on Friday to discuss boosting Venezuelan production. However, reports from the Financial Times and Reuters indicate that these companies are demanding strong legal and financial guarantees from Washington before committing substantial investment to revive Venezuela's damaged oil industry.
The developments mark a critical juncture, intertwining energy policy with hardline diplomatic strategy, as the US seeks to cement its influence over a key resource-rich nation in South America.
