US to Regulate Venezuelas Oil Sales Indefinitely

US Announces Control Over Sales of Venezuelan Oil

The US Department of Energy has announced that it will control the sales of Venezuela’s oil “indefinitely” and decide how the proceeds from those sales are used. The announcement comes as President Donald Trump’s administration consolidates its control over the South American country.

According to the US Department of Energy, all proceeds from the sales of Venezuelan oil will first settle in US-controlled accounts at globally recognized banks. These funds will then be disbursed for the benefit of the American people and the Venezuelan people at the discretion of the US government.

The Trump administration has stated that it plans to sell approximately 30-50 million barrels of oil on global markets, with the sales beginning immediately. The proceeds from these sales will be used in accordance with the US government’s decisions.

In a statement on his platform, Truth Social, President Trump announced that Venezuela had agreed to use its funds to purchase products solely from the US. These purchases are expected to include American Agricultural Products, American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities.

The announcement comes amid a months-long pressure campaign by the Trump administration against Venezuelan President Nicolas Maduro, who has been charged in New York with drug trafficking offences that he denies. The US has imposed a partial naval blockade on Venezuela and seized several vessels that were allegedly transporting oil in violation of US sanctions.

US officials have briefed lawmakers on Capitol Hill about the Trump administration’s plans in Venezuela, which include a three-phased plan to control the country’s oil reserves and economy. The first phase involves the sale of Venezuelan oil, while the second phase would see US and other companies gain access to the Venezuelan market. The third phase would be one of transition.

The announcement has sparked concerns among lawmakers, with some Republicans backing the Trump administration’s actions and others raising questions about the operation’s cost, deployment of American servicemen, and impact on Venezuela.

Source: Al Jazeera