US Energy Secretary Announces "Indefinite" Control Over Venezuela's Oil Sales

According to Odaily, on the 7th, U.S. Energy Secretary Chris Wright declared that the United States will "indefinitely" control the sale of Venezuelan oil. Wright stated that the sale of Venezuelan oil will be controlled by the U.S. government, including not only existing inventories but also future sales "indefinitely." The sales revenue will be deposited into accounts controlled by the U.S. government, and then these funds may flow back to Venezuela "to benefit the Venezuelan people." Wright said that the recent goal of the United States is to stabilize and increase Venezuelan oil production by providing heavy crude oil diluents, spare parts, equipment, and services. He noted that Venezuela's daily oil production could increase by several hundred thousand barrels in the coming years, but returning to historical highs would still require tens of billions of dollars in investment and "quite a long time." The United States will create conditions for large American oil companies to enter Venezuela. The Trump administration is also considering establishing a compensation mechanism for American oil companies investing in Venezuela. (Xinhua News Agency)