US Seeks Revival of Venezuelan Oil Exports with Revenue Managed in US Accounts, According to Wright

On Wednesday, Energy Secretary Chris Wright announced that the U.S. government is keen on revitalizing Venezuelan oil production. The plan includes depositing funds into U.S.-controlled accounts and establishing favorable conditions for American oil companies to operate in Venezuela.

During his address at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami, Wright emphasized the importance of engaging with U.S. oil companies to understand the necessary conditions for their entry into the South American nation. He expressed a clear intention to facilitate the sale of Venezuelan oil to U.S. refineries, highlighting a strategic move to bolster domestic energy supplies.

Wright’s comments come in the wake of President Donald Trump’s recent declaration that the U.S. would “take control” of Venezuela following the ousting of President Nicolas Maduro by U.S. forces. This statement underscores a significant shift in U.S. foreign policy towards Venezuela, aiming to stabilize the region and enhance energy security.

In a related development, U.S. oil executives are scheduled to meet with White House officials later this week. This meeting aims to explore actionable strategies for reviving Venezuela’s beleaguered oil sector, which has faced severe challenges in recent years. Reports from Reuters indicate that these discussions could pave the way for a renewed partnership between U.S. companies and Venezuela’s oil industry.

(Reporting by Nathan Crooks and Sheila Dang in Miami and Vallari Srivastava in Bengaluru; Editing by Saumyadeb Chakrabarty)

Topics
USA
Profit Loss
Energy
Oil Gas

On Wednesday, Energy Secretary Chris Wright announced that the U.S. government is keen on revitalizing Venezuelan oil production. The plan includes depositing funds into U.S.-controlled accounts and establishing favorable conditions for American oil companies to operate in Venezuela.

During his address at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami, Wright emphasized the importance of engaging with U.S. oil companies to understand the necessary conditions for their entry into the South American nation. He expressed a clear intention to facilitate the sale of Venezuelan oil to U.S. refineries, highlighting a strategic move to bolster domestic energy supplies.

Wright’s comments come in the wake of President Donald Trump’s recent declaration that the U.S. would “take control” of Venezuela following the ousting of President Nicolas Maduro by U.S. forces. This statement underscores a significant shift in U.S. foreign policy towards Venezuela, aiming to stabilize the region and enhance energy security.

In a related development, U.S. oil executives are scheduled to meet with White House officials later this week. This meeting aims to explore actionable strategies for reviving Venezuela’s beleaguered oil sector, which has faced severe challenges in recent years. Reports from Reuters indicate that these discussions could pave the way for a renewed partnership between U.S. companies and Venezuela’s oil industry.

(Reporting by Nathan Crooks and Sheila Dang in Miami and Vallari Srivastava in Bengaluru; Editing by Saumyadeb Chakrabarty)

Topics
USA
Profit Loss
Energy
Oil Gas