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yesterday

U.S. Tightens Grip on Venezuelan Oil as Trump Says Caracas Will Buy Only U.S.-Made Goods

Proceeds are being held in U.S.-controlled accounts following fresh tanker seizures.

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 use revenue from a new oil arrangement to purchase only American-made products, a claim he posted on social media that has not been independently confirmed.
  • The administration says the United States will receive and market 30–50 million barrels of Venezuelan crude with profits held in U.S.-controlled accounts, and officials signaled ongoing control of Venezuela’s oil flows.
  • Chevron is negotiating a broader operating license to boost exports to its refineries and possibly sell to other buyers, while Washington encourages Valero, ExxonMobil, and ConocoPhillips to re-engage.
  • PDVSA reported progress in talks with the United States and said it expects commercial terms similar to those in place for its joint venture with Chevron.
  • U.S. maritime enforcement seized two sanctioned tankers, and Reuters-cited analysts say Chinese independent refineries are preparing to replace displaced Venezuelan cargoes with Iranian crude.