The post-Maduro reality for Venezuela’s oil industry is beginning to take shape.
US Energy Secretary Chris Wright said on Wednesday that the US will sell Venezuelan oil “indefinitely,” after President Donald Trump announced Venezuela had agreed to hand over 50 million barrels of oil, worth about $2.8 billion.
It’s a small shift in oil flows, equal to about two days of US consumption, but enough to elicit an angry rebuttal from officials in China, the top importer of Venezuelan crude.
Bigger changes may be coming soon: US officials are discussing a plan to partially take over Venezuela’s state-owned oil company, The Wall Street Journal reported. US oil executives are due to meet with Trump at the White House on Friday, and are hinting they will want “serious guarantees” before investing in Venezuela.
But Chevron is already reportedly in talks to expand its existing license there, and other energy CEOs are expressing interest in Venezuela-related projects. Meanwhile, the US naval blockade of Venezuelan oil continues, with two tankers interdicted on Wednesday, one flying a Russian flag.
