The United States has launched efforts to market Venezuelan crude oil globally and intends to manage the country’s oil sales on an ongoing basis, according to a statement from the Department of Energy on January 7, 2026. This development follows President Donald Trump’s assertion that Venezuela would transfer up to 50 million barrels of oil directly to the U.S.
The Department of Energy revealed it is collaborating with top commodity marketers and major banks to handle and finance these oil and product transactions. The move comes after U.S. forces detained Venezuelan President Nicolas Maduro on January 3, with charges of narcoterrorism pending against him.
Energy Secretary Chris Wright, speaking at a Goldman Sachs conference in Miami, explained that the U.S. would first sell accumulated stored oil and then continue marketing ongoing production from Venezuela. The Department is coordinating with interim Venezuelan authorities and private sector entities.
Proceeds from these sales will initially be held in accounts controlled by the U.S., to be distributed later for the benefit of both American and Venezuelan people, at the U.S. government’s discretion. Sales are set to begin promptly with an estimated 30 to 50 million barrels, extending indefinitely.
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Venezuela possesses the world’s largest proven oil reserves but currently produces under 1 million barrels daily amid strict U.S. sanctions and a naval quarantine limiting exports.
President Trump stated on social media that Venezuela would use its share of proceeds exclusively for American-made goods, including agricultural products, medicines, medical devices, and equipment to upgrade its energy infrastructure.
The interim Venezuelan government, headed by former Vice-President Delcy Rodriguez, has expressed willingness to cooperate with the U.S. State-owned oil company PDVSA described ongoing talks as standard commercial dealings, similar to those with firms like Chevron, emphasizing legality, transparency, and mutual benefits.
The U.S. is easing certain sanctions to facilitate oil transport and sales, while allowing imports of equipment to boost production through American and international partnerships.
In related actions, U.S. forces recently seized additional tankers linked to Venezuela, including the Bella 1 in the North Atlantic and the M Sophia in the Caribbean, citing sanctions violations. Earlier captures involved the Skipper and the Centuries.
