US says it will run Venezuelan oil sales indefinitely, tightening its grip on Caracas

The United States says it will control the sale of Venezuelan oil “indefinitely” and decide how the proceeds are used, marking a sharp escalation in Washington’s consolidation of power over Venezuela following the abduction of its president.

In a statement on Wednesday, the US Department of Energy said it had “begun marketing” Venezuelan oil on global markets and that all revenues from those sales “will first settle in US-controlled accounts at globally recognized banks”.

“These funds will be disbursed for the benefit of the American people and the Venezuelan people at the discretion of the US government,” the department said. “These oil sales begin immediately with the anticipated sale of approximately 30-50 million barrels. They will continue indefinitely.”

Hours later, US President Donald Trump offered his own version of how the money would be used, suggesting Venezuela had agreed to spend the proceeds exclusively on US goods.

“I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” Trump wrote on Truth Social. “These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.”

The announcement comes days after the Trump administration abducted Venezuelan President Nicolas Maduro during a US operation in Caracas, a move legal experts have described as a clear violation of international law.

Since then, Washington has openly said it intends to “run” Venezuela and take control of its vast oil reserves. Trump reiterated that position on Tuesday, saying Caracas would hand over between 30 and 50 million barrels of oil to the United States.

The move follows months of mounting pressure on Maduro, who has been indicted in New York on drug trafficking charges he denies. That campaign has included a partial naval blockade, the seizure of multiple oil tankers, and stepped-up enforcement of US sanctions.

Earlier on Wednesday, US special forces seized two Venezuela-linked vessels, including a Russian-flagged tanker in the North Atlantic, for allegedly violating sanctions. The seizures coincided with closed-door briefings to US lawmakers on Capitol Hill about the administration’s plans.

Lawmakers are questioning “how long this operation in Venezuela will continue, what it will cost, [whether] any American servicemen actually be deployed on the ground in Venezuela, and what is the Venezuelan reaction,” Fisher said.

Democratic Senator Elizabeth Warren said the briefing only deepened her concerns. “Oil company executives seem to know more about Trump’s secret plan to ‘run’ Venezuela than the American people. We need public Senate hearings NOW,” she wrote.

US Secretary of State Marco Rubio outlined what he called a three-phase strategy. The first phase centres on oil sales controlled by Washington.

“That money will then be handled in such a way that we will control how it’s dispersed in a way that benefits the Venezuelan people, not corruption, not the regime,” Rubio said.

The second phase would open Venezuela’s economy to US and foreign companies, while pursuing what Rubio described as “reconciliation nationally”, including amnesties for opposition figures.

“And then the third phase, of course, would be one of transition,” he added.