US President Donald Trump announced on Wednesday that the United States will take control of Venezuela's oil sales "indefinitely" after seizing millions of barrels of crude from blocked tankers and a Russian oil tanker linked to the South American country.
As part of its plan, the White House will sell up to $3 billion worth of Venezuelan oil into the global market, with all proceeds going towards benefiting the Venezuelan people. US Energy Secretary Chris Wright stated that the US will control the flow of oil from Venezuela and use it as leverage to drive changes in the country.
The move has raised concerns about the impact on China, which imports 80% of Venezuela's crude exports. Beijing expressed its opposition to US demands for Venezuela to hand over its oil, stating that it "enjoys full and permanent sovereignty over its natural resources".
Trump plans to use his executive powers to take control of the oil, with storage ships bringing it directly to unloading docks in the United States. He stated that this will give him "large leverage" over Venezuela's situation.
Negotiations for the sale of crude volumes to the US are underway between state-owned Petróleos de Venezuela SA (PDVSA) and the White House. The talks aim to establish a strictly commercial transaction with legality, transparency, and mutual benefit.
US oil executives from Chevron, ConocoPhillips, and ExxonMobil will meet at the White House on Friday to discuss plans for billions of dollars in investment into Venezuela's struggling oil industry. However, there are concerns about whether big listed companies would be willing to invest in a politically unstable region without guarantees.
Venezuela holds the world's largest reserves of crude, but its production has fallen significantly due to years of neglect and corruption. The multibillion-dollar investment needed to increase production could require 15 years of work and capital spending of up to $185 billion, according to analysis by Rystad Energy.
As part of its plan, the White House will sell up to $3 billion worth of Venezuelan oil into the global market, with all proceeds going towards benefiting the Venezuelan people. US Energy Secretary Chris Wright stated that the US will control the flow of oil from Venezuela and use it as leverage to drive changes in the country.
The move has raised concerns about the impact on China, which imports 80% of Venezuela's crude exports. Beijing expressed its opposition to US demands for Venezuela to hand over its oil, stating that it "enjoys full and permanent sovereignty over its natural resources".
Trump plans to use his executive powers to take control of the oil, with storage ships bringing it directly to unloading docks in the United States. He stated that this will give him "large leverage" over Venezuela's situation.
Negotiations for the sale of crude volumes to the US are underway between state-owned Petróleos de Venezuela SA (PDVSA) and the White House. The talks aim to establish a strictly commercial transaction with legality, transparency, and mutual benefit.
US oil executives from Chevron, ConocoPhillips, and ExxonMobil will meet at the White House on Friday to discuss plans for billions of dollars in investment into Venezuela's struggling oil industry. However, there are concerns about whether big listed companies would be willing to invest in a politically unstable region without guarantees.
Venezuela holds the world's largest reserves of crude, but its production has fallen significantly due to years of neglect and corruption. The multibillion-dollar investment needed to increase production could require 15 years of work and capital spending of up to $185 billion, according to analysis by Rystad Energy.
and what about china?? they're already getting 80% of their oil from venezuela and now trump's just gonna cut them off? that's not good for anyone. also, it's crazy how much money is at stake here - like $185 billion worth of investment needed to even get the oil production up again 
and now big companies are talking about investing but only if there's guarantees 
sounds like a recipe for disaster to me...
. I mean, sure, China's gonna be upset, but think about it, they're importing 80% of Venezuela's oil, that's like being over-reliant on a single partner in a relationship, right? It's time for them to diversify their sources and get some new oil friends 
. And the US is just trying to help out the Venezuelan people by selling off some oil, which sounds pretty cool, actually! I mean, who wouldn't want to invest in a country with the world's largest crude reserves? It's like finding a needle in a haystack, and that haystack is full of oil 
. The fact that it might take 15 years to get production back up is just a minor setback 
. We can do this!
! Trump's plan is like trying to negotiate with a cat - it's all about control and leverage 
The fact that China is already speaking out against US demands makes me think they're just waiting for the popcorn to start popping 
. And let's be real, if Trump really wants to help Venezuela, he should probably start by fixing his own economy 
... I mean, who needs Venezuela's oil when you've got your own vast reserves at home? But seriously, it's all about leverage and using this as a bargaining chip to get things done in Venezuela. Reminds me of the time Nixon went to China 
, trying to make deals with Deng Xiaoping back in '72... but I guess that was way more complicated than just taking control of some oil tankers 
.
... anyway, hopefully someone can figure out a way to get this oil flowing without causing too much chaos in the region. We've seen enough of that in the '80s with the Iran-Contra affair 
...
. That could lead to a global crisis and who's gonna suffer the most? Poor little China 
.
like what happens if they do end up nationalizing its oil industry? 
would that lead to more instability in the region or could it be a step towards democratization? 
I mean, come on, they've got 15 years of work and $185 billion to get their oil production back up? That sounds like an impossible task, right? But what if Trump's plan actually works out? It could bring some much-needed cash into the country and help them stabilize their economy... or it could just create a whole new mess and make things worse. And let's not forget China's strong feelings on this matter – I'm not sure even Trump can negotiate his way out of that one 
i mean i get why china would wanna keep control over their oil but come on trump is trying to use it as leverage lol like doesn't he know how that works? 
.
. He just wants to use that oil as leverage over Venezuela, like they're some kinda pawn in his game 
. He's just using this as another excuse to play the strongman and flex his muscles 
. It's gonna make things worse and only benefit Trump's buddies at Chevron and ConocoPhillips 
. China is not happy about this tho 
. The amount of money needed to revive Venezuela's oil industry is insane 
I'm more worried about their coffee machine than Venezuela's oil reserves 