The US needs to take control of Venezuelan oil sales and revenue to drive the changes it wants to see in the country, according to Energy Secretary Chris Wright. Wright is speaking to US oil companies to learn what conditions would enable them to enter Venezuela and wants to sell Venezuelan oil to US refineries. This comes after President Donald Trump said the US would take control of Venezuela after US forces ousted Venezuelan President Nicolas Maduro, a move that could give US energy companies access to the country's vast oil reserves. Wright suggests that instead of blockading the oil, the US will allow it to flow and sell it to buyers worldwide. The US government will control the sales, with revenues deposited into US-controlled accounts. Wright emphasizes that controlling the flow of oil, sales, and cash flow gives the US significant leverage, which is crucial for driving change. Raising crude output from Venezuela is a top objective for Trump, as the country once produced up to 3.5 million barrels per day in the 1970s but has since dropped to an average of 1.1 million barrels per day due to mismanagement and limited foreign investment. Wright believes that with small capital deployments, the US could get several hundred thousand barrels a day of additional production in the short to medium term. US oil executives are expected to visit the White House to discuss ways to revive Venezuela's oil sector, which accounts for only about 1% of global supply despite sitting atop the world's largest oil reserves.
