The United States has announced its intention to sell Venezuelan oil indefinitely, with the revenue generated from these sales being deposited into accounts controlled by the US government. This development follows the recent abduction of Venezuelan President Nicolas Maduro and his wife by American commandos during a raid on the capital, Caracas, which resulted in the deaths of dozens of people.
US Energy Secretary Chris Wright stated that the crude oil from Venezuela would be marketed, starting with the stored oil and then continuing with the production going forward. The proceeds from these sales will be used to “benefit the Venezuelan people,” according to Wright. The US Energy Department has published a fact sheet claiming that the marketing of Venezuelan crude oil in the global marketplace is for the benefit of the US, Venezuela, and its allies. The department anticipates the sale of approximately 30-50 million barrels of oil.
Secretary of State Marco Rubio has cited similar projections, claiming that an “oil arrangement” has been made with Venezuela’s state oil company, PDVSA. President Donald Trump has stated that the proceeds from the sale of Venezuelan oil will be controlled by him, as the President of the United States of America.
The abduction of President Maduro has been strongly condemned by Russia, along with other BRICS and Global South nations. Russia has called for the immediate release of Maduro, who is facing drug-trafficking charges in the US. The Russian ambassador to the UN, Vassily Nebenzia, has described the US attack on Venezuela as “international banditry.”
The situation in Venezuela has significant implications for the global oil market and the country’s future. The US government’s decision to control and sell Venezuelan oil is likely to have far-reaching consequences, both economically and politically. As the situation continues to unfold, the international community will be closely watching the developments in Venezuela and the actions of the US government.
