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22h ago

U.S. Seizes Tankers as It Begins Marketing Venezuelan Oil Under Tight Controls

Energy officials outline an open‑ended U.S. role over Venezuelan crude sales with proceeds kept in U.S.-controlled accounts.

Image
A Petroleos de Venezuela SA (PDVSA) oil pumpjack on Lake Maracaibo in Cabimas, Zulia state, Venezuela, on November 17, 2023.
Energy Secretary Chris Wright deliver remarks outside the White House on March 19, 2025.
A statue of a hand holding an oil rig seen in Caracas, Venezuela on January 5.

Overview

  • President Trump said Venezuela will channel oil-sale revenue to purchase only American-made goods, including farm products, medicines, medical devices, and equipment for the power sector.
  • U.S. authorities confirmed the capture of two sanctioned tankers linked to Venezuelan shipments, enforcing restrictions on unauthorized exports and citing sanctions violations.
  • Energy Secretary Chris Wright said Washington plans to manage Venezuelan oil sales indefinitely, with only authorized flows permitted under U.S. policy.
  • Chevron is in talks to expand its special license to operate in Venezuela as the White House prepares to meet oil executives and encourages broader U.S. industry involvement.
  • Industry analysts report China’s independent refiners are moving to replace Venezuelan barrels with Iranian crude in response to the U.S. enforcement actions.