US control of Venezuelan oil sales and proceeds

Al Jazeera
Al Jazeera
3h ago
The United States said it will market Venezuelan oil and control the proceeds indefinitely, as the Trump administration says it plans to “run” Venezuela days after abducting President Nicolas Maduro.
US control of Venezuelan oil sales and proceeds
A What happened
The US Department of Energy said it has begun marketing Venezuelan oil on global markets and that proceeds will first settle in US-controlled accounts at globally recognized banks. The department said the US government will decide how the funds are disbursed and that oil sales begin immediately with an anticipated sale of about 30-50 million barrels and will continue indefinitely. President Donald Trump said Venezuela will purchase only American-made products with the money it receives from the new oil deal. US Secretary of State Marco Rubio said the administration has a three-phased plan that starts with oil sales and US control of how money is dispersed.
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Key insights

  • 1

    US government says it will control Venezuelan oil proceeds: The US Department of Energy said proceeds from Venezuelan oil sales will settle in US-controlled accounts and be disbursed at the discretion of the US government.

  • 2

    Rubio outlined a three-phase plan tied to oil sales and political change: Marco Rubio said the plan starts with oil sales and US control of funds, then market access and reconciliation steps for opposition forces, then a transition.

  • 3

    UN experts warned the stated plan to “run” Venezuela would violate international law: A group of UN experts said plans to run Venezuela and exploit its oil reserves would contravene self-determination and sovereignty over natural resources.

Takeaways

The US government said it has started marketing Venezuelan oil and will control the sales and proceeds indefinitely while US officials outline a broader plan to run Venezuela and reshape its political and economic order.

Topics

World & Politics Policy & Regulation International Affairs Climate & Environment Energy

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