Overview
- The administration said it will commercialize Venezuelan oil for an indefinite period, route revenues into U.S.-controlled bank accounts, and restrict Caracas’s share to purchases of American-made goods.
- President Donald Trump said 30 to 50 million barrels currently stored on ships will be transferred to U.S. control and sold at market prices, with officials asserting the plan is not a seizure.
- U.S. forces reported seizing two more sanctioned tankers on Wednesday after earlier captures, enforcing a maritime quarantine that is limiting Venezuela’s ability to export.
- PDVSA confirmed it is negotiating with Washington as full storage tanks led authorities to order production cuts, with operators warning of risks if crude cannot be moved.
- U.S. demands relayed to interim authorities include cutting ties with China, Russia, Iran and Cuba and accepting an exclusive oil partnership favoring the United States, while Mexico says it has become an important supplier of crude to Cuba.