Not acting anymore? Energy Secretary: The US needs to have indefinite control over Venezuela's oil, Trump will meet with oil executives

U.S. Department of Energy announces indefinite control over Venezuela’s oil sales to stabilize its economy and compensate American companies for losses. Trump will meet with oil giants this week to discuss increasing production plans.

U.S. Secretary of Energy: The U.S. needs to control Venezuela’s oil sales indefinitely

Recently, the U.S. military entered Venezuela to arrest former President Maduro, causing a major upheaval in the local political situation. In addition to temporarily taking over local governance, it also demonstrated an intention to control the country’s oil resources.

Multiple foreign media reports indicate that U.S. Secretary of Energy Chris Wright stated at the Goldman Sachs Energy Conference that the United States needs to “indefinitely” control Venezuela’s oil sales and revenue to stabilize the country’s economy, rebuild the oil industry, and ensure it aligns with American national interests.

Image source: Wiki Commons, photographed by Gage Skidmore U.S. Secretary of Energy Chris Wright said that the U.S. needs to “indefinitely” control Venezuela’s oil sales and revenue.

U.S. Vice President: Controlling Venezuela’s oil equals controlling the country

Wright pointed out that these oil revenues will be used to stabilize Venezuela’s economy, and ultimately will be used to compensate oil giants like Exxon Mobil and ConocoPhillips for their losses. These companies’ assets were nationalized by former Venezuelan President Chávez nearly twenty years ago.

U.S. Vice President JD Vance, in an interview with Fox News, explicitly stated that controlling Venezuela’s oil is equivalent to controlling the country, and can exert significant pressure without wasting American lives or endangering citizens’ safety.

Vance emphasized: “We control energy resources and tell the regime: as long as you serve American national interests, you can sell oil; if you cannot serve American interests, you are not allowed to sell.”

Image source: Wiki Commons, photographed by Gage Skidmore U.S. Vice President JD Vance: Controlling Venezuela’s oil equals controlling the country

Venezuela’s interim government compromises, oil giants to meet at the White House

Yesterday, the U.S. and Caracas reached an agreement, initially allowing Venezuelan crude oil worth up to $2 billion to be exported to the United States.

External sources interpret this as indicating that the government of Venezuela’s interim President Rodríguez is responding to Trump’s demands by opening the market to U.S. oil companies to avoid further military intervention.

Sources also confirmed to ABC News that some sanctions against Venezuela will be lifted to allow oil to be transported and sold under certain conditions, but the proceeds will be deposited into accounts controlled by the U.S. government, as stated.

To further implement the production plan, Trump will meet with executives from ExxonMobil, Chevron, and ConocoPhillips at the White House this Friday to discuss ways to increase Venezuela’s oil output.

Image source: Trump White House Archive Photograph Trump will meet with executives from ExxonMobil, Chevron, and ConocoPhillips at the White House this Friday.

Venezuela’s oil dilemma: past regime caused production to plummet

Venezuela is a major oil producer, reaching a peak of 3.5 million barrels per day in the 1970s.

However, after decades of mismanagement and restrictions on foreign investment, the average daily production in 2025 has plummeted to about 1.1 million barrels, severely damaged due to long-term lack of infrastructure investment, currently accounting for only about 1% of global supply.

Wright believes that with investments in equipment and technology, Venezuela’s production can be increased in the short term, but restoring to previous levels will take several years.

According to data from Kpler, currently offshore Venezuela, about 23.6 million barrels of oil remain stranded on ships (floating production storage and offloading units), and the U.S. Department of Energy plans to prioritize bringing these inventories to market for sale.

Image source: Kpler Currently, offshore Venezuela, about 23.6 million barrels of oil remain stranded on ships.

Democrats criticize like armed robbery, Polymarket denies US invasion of Venezuela

Although the Trump administration emphasizes that controlling oil is to restore Venezuela’s economy and protect U.S. interests, its tough measures have sparked backlash within the U.S.

Democratic Senator from Connecticut, Chris Murphy, harshly criticized that this move is no different from armed robbery of Venezuela’s oil. Industry analysts also warn about potential political risks.

Analysts believe that Venezuela is currently in a delicate political balance, needing to condemn Maduro’s detention by the U.S. while also appeasing the U.S., which could lead to increasing international instability.

Related reports:
Maduro’s U.S. court case insists on innocence! UN holds emergency meeting on Venezuela incident, see each country’s stance

Meanwhile, blockchain prediction market platform Polymarket refused to pay out bets on “U.S. invasion of Venezuela,” causing dissatisfaction among some bettors.

Before Trump forces captured Maduro on Saturday, traders on the platform bet that the U.S. would invade Venezuela within the deadline. However, Polymarket stated on its website that the invasion defined in the bet refers to U.S. military actions establishing control.

Polymarket explained to The Guardian that although Trump claimed he would manage Venezuela and mentioned negotiations with the country, simple arrest and withdrawal actions do not meet the definition of invasion, so the related bets are considered invalid.

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Venezuela’s president is captured! Polymarket users pre-placed bets earning $400,000; U.S. Congress responds