US Energy Secretary Chris Wright said on Wednesday that Washington intends to maintain significant control over Venezuela's oil industry "indefinitely" after attacking Caracas and forcibly seizing President Nicolas Maduro and his wife.
"Going forward, we will sell the production that comes out of Venezuela into the marketplace," Wright said.
A day earlier, United States President Donald Trump said Venezuela's interim authorities would turn over "between 30 million and 50 million barrels of high-quality, sanctioned oil" to the US. With global oil prices trading at about $56 per barrel, 50 million barrels would be worth roughly $2.8 billion.
"The profit will be controlled by me" as US president, Trump said, adding that the oil would be brought into his country immediately.
At a news briefing on Wednesday, White House Press Secretary Karoline Leavitt said the US government "has already begun marketing Venezuelan crude oil in the global marketplace".
"These funds will be disbursed for the benefit of the American people and the Venezuelan people at the discretion of the United States government," she said.
CNN reported that two White House officials said the Trump administration had laid out a series of conditions Venezuela would be required to meet for oil operations to resume. These include cutting ties with China, Cuba, Iran and Russia and agreeing to partner exclusively with the US on oil production.
In addition, Leavitt said it was "too premature and too early to dictate a timetable for elections in Venezuela right now", reiterating Trump's position.
Meanwhile, the US seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of Washington's effort to dictate oil flows in the Americas.
With a Russian submarine and vessels nearby, the seizure risked more confrontation with Russia, which has condemned US actions over Venezuela. The Kremlin did not respond to a request for comment on what is a public holiday in Russia.
"Trump's statement about oil in Venezuela is beyond an act of war; it is an act of colonization," said Vijay Prashad, director of the Tri-continental: Institute for Social Research.
"That is also illegal under the UN Charter," he told Al Jazeera.
Venezuela has been under US sanctions for more than 20 years, with Washington citing a range of concerns as justification. US officials have alleged there are links between the Venezuelan government and narcotics trafficking, which they describe as "narco-terrorism" and a threat to US national security. They have also accused the country of widespread corruption and of eroding democratic institutions.
Expanding measures
In recent years, the US has further pointed to Venezuela's cooperation with rivals such as Russia and Iran, its alignment with "anti-US" governments, and so-called threats to regional stability as grounds for maintaining and expanding the measures.
Venezuela's oil industry was first nationalized in 1976 with the creation of state-owned Petroleos de Venezuela S.A. In the early 2000s, under president Hugo Chavez, the government sharply expanded state control over the sector.
Chavez's policies required US and other international oil majors to cede operational control, effectively reducing foreign firms to minority stakes.
Following these changes and amid a prolonged economic crisis, the US imposed sanctions targeting Venezuela's oil sector, broadly restricting business with the state oil company and limiting access to financing and critical equipment for energy projects.
Critics said the sanctions have compounded Venezuela's economic difficulties, contributing to a sharp decline in GDP per capita, which fell to about $4,200 in 2024 from more than $13,600 in 2010, according to the World Bank.
"Since 1947, the United States foreign policy has repeatedly employed force, covert action and political manipulation to bring about regime change in other countries," said Jeffrey Sachs, president of the United Nations Sustainable Development Solutions Network and director of the Center for Sustainable Development at Columbia University, at an emergency meeting of the UN Security Council on Monday.
He urged the US government to immediately cease the use of force against Venezuela.
In another development, Trump said on Wednesday that he expects to meet Colombia's President Gustavo Petro at the White House soon.
Petro confirmed that he had a phone conversation with Trump for the first time since Trump's presidential term. The call lasted about an hour or more, he said.
Trump said he "appreciated" Petro's call and tone, three days after claiming that a US military strike against Colombia "sounds good to me".
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