US ENERGY SECRETARY SAYS WASHINGTON TO ‘INDEFINITELY’ SELL VENEZUELAN OIL

ISTANBUL, Jan 8 (Bernama-Anadolu) -- US Energy Secretary Chris Wright said on Wednesday that Washington needs to control Venezuela's oil sales to bring about the changes it wants to see in the country, adding that it will “indefinitely” sell Venezuelan oil, Anadolu Ajansi reported.

“We’re going to market the crude coming out of Venezuela, first this backed-up stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright said at Goldman Sachs' Energy, CleanTech & Utilities Conference in Miami.

He stated that proceeds from the sales will be “deposited into accounts controlled by the US government,” and then “flow back into Venezuela to benefit the Venezuelan people.”

“Instead of the oil being blockaded, as it is right now, we’re going to let the oil flow … to United States refineries and around the world to bring better oil supplies, but have those sales done by the US government,” he stated.

Wright noted that as progress is made with the Venezuelan government, the US will make it possible to import the necessary parts, equipment and services to prevent the collapse of the oil industry and stabilise production, after which output is expected to grow again as soon as possible.

He emphasised that in the long term, the US will create the necessary conditions for large American companies, which were already there or want to be there, to enter the market.

Wright added that Venezuela could achieve additional production of several hundred thousand barrels per day in the short- to medium-term, but returning to historical production figures would require tens of billions of dollars and a significant amount of time.

US President Donald Trump announced on Tuesday that US companies would be involved in Venezuela's oil industry following the military intervention in the country.

“I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” he wrote in a statement via his social media company Truth Social.

"This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!" he added.

-- BERNAMA-ANADOLU