Overview
- President Trump said the crude will be sold at market prices with proceeds controlled by him, and he directed Energy Secretary Chris Wright to execute the plan immediately with shipments to U.S. docks.
- U.S. and Venezuelan officials have discussed auctions for U.S. buyers and issuing licenses to PDVSA partners, with Chevron positioned as the current channel for Venezuelan flows to the Gulf Coast.
- Some cargoes originally bound for China could be reallocated to the United States under the plan, according to sources familiar with the talks.
- Oil prices slipped more than 1% after the announcement, and at recent discounts for Venezuela’s heavy grades the transfer could be worth up to roughly $2 billion.
- Industry leaders signaled caution on new investment, noting Chevron is the only U.S. major still operating in the country, ExxonMobil and ConocoPhillips have outstanding claims, and analysts say restoring infrastructure could take a decade and tens of billions of dollars; the move follows Maduro’s capture and not‑guilty plea in New York and the swearing‑in of Delcy Rodríguez as interim leader.