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US Energy Secretary links Venezuela oil sales to political change
(MENAFN) US Energy Secretary Chris Wright announced Wednesday that Washington will take charge of Venezuela’s oil sales, pledging to “indefinitely” market the country’s crude.
Speaking at Goldman Sachs’ Energy, CleanTech & Utilities Conference in Miami, Wright said the US will first sell Venezuela’s stored oil and then continue to market future production. He explained that proceeds will be deposited into US-controlled accounts before being redirected to 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,” Wright stated.
He added that as relations with Caracas progress, Washington will allow imports of parts, equipment, and services to stabilize Venezuela’s struggling oil industry. This, he said, could lead to production growth in the short to medium term, though restoring historic output levels would require tens of billions of dollars and significant time.
In the longer run, Wright emphasized that the US intends to create conditions for major American companies to re-enter or expand in Venezuela’s energy market.
Speaking at Goldman Sachs’ Energy, CleanTech & Utilities Conference in Miami, Wright said the US will first sell Venezuela’s stored oil and then continue to market future production. He explained that proceeds will be deposited into US-controlled accounts before being redirected to 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,” Wright stated.
He added that as relations with Caracas progress, Washington will allow imports of parts, equipment, and services to stabilize Venezuela’s struggling oil industry. This, he said, could lead to production growth in the short to medium term, though restoring historic output levels would require tens of billions of dollars and significant time.
In the longer run, Wright emphasized that the US intends to create conditions for major American companies to re-enter or expand in Venezuela’s energy market.
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