US Will Control Venezuela Oil Sales 'Indefinitely', Official Says

• The US plans to control sales of 30–50 million barrels of sanctioned Venezuelan oil “indefinitely,” placing proceeds into US-controlled accounts to maintain leverage over the Maduro government, though the share Venezuela will receive remains unclear.
• Officials say sanctions will be “selectively” rolled back to allow flows, while the White House coordinates with banks and commodity firms to market the crude; revenue is intended to support economic stabilisation “for the Venezuelan people,” according to US officials.
• Venezuela’s state oil firm PDVSA said negotiations continue under existing bilateral frameworks, disputing suggestions of a finalised deal, even as President Trump publicly claimed Venezuela would be “turning over” oil for US-managed sale.
• The initiative has sparked strong criticism from Democratic lawmakers, who argue it amounts to coercive appropriation of Venezuelan oil, while China condemned US actions and broader efforts to assert control over Venezuela’s energy resources.
• Analysts note potential near-term benefits for US refiners and Chevron (which still operates in Venezuela), though the diversion of Venezuelan crude could pressure suppliers like Mexico and Canada that produce similar heavy grades.
• While oil prices have softened on expectations of incremental Venezuelan supply, experts warn that materially boosting output will require years and billions in investment, with companies wary given political risk and more attractive opportunities elsewhere.

(Source: BBC News)