U.S. Energy Secretary Chris Wright said this week that he expects the Trump administration’s effort to sell Venezuelan oil — now under U.S. supervision — to generate roughly $5 billion in the coming months. The comments came during an interview with NBC News, where Wright outlined the progress being made since U.S. forces ousted Venezuelan leader Nicolás Maduro and the interim government took the reins.
Wright explained that oil sales from Venezuela are already surpassing $1 billion, and that a series of short-term contracts will bring in an additional $5 billion in revenue over the next several months. These sales are part of a broader strategy by the United States to manage Caracas’s crude exports in a way that benefits both energy security and the Venezuelan people.
According to Wright, the proceeds will be placed into an account fully controlled by the U.S. government, with funds only released to Venezuelan authorities when there is continued progress on issues important to American interests and subject to auditing by Venezuela. This underscores that the United States isn’t simply handing over oil profits without accountability — Washington will maintain strict oversight until meaningful reforms take root.
During the interview, Wright was careful to clarify that oil was not the original reason for U.S. involvement in Venezuela. Still, he acknowledged that the country’s vast energy resources have become “a great tool to drive positive reform” as the United States helps guide Venezuela toward stability and responsible governance.
Wright said President Donald Trump has the final say over how funds are directed into Venezuela, adding that the United States will maintain control over oil sales and the flow of revenue “until a representative government is stood up in Venezuela and we again have a prosperous American ally that’s not a threat to our country.” This signals that U.S. influence over Venezuelan energy is tied directly to broader diplomatic and security goals.
After U.S. troops captured Maduro earlier this year, the president has repeatedly emphasized Venezuela’s oil potential. The South American nation sits atop some of the largest known oil reserves in the world, and Trump has encouraged U.S. companies to explore opportunities in the country’s energy sector.
Wright addressed industry engagement during the interview as well, noting that Chevron is moving ahead with “large expansion plans” in Venezuela. He added that many smaller entrepreneurs who once hesitated to commit are now gathering data and exploring niches in the Venezuelan energy market, illustrating growing interest in rebuilding production under U.S.-monitored conditions.
While many in the oil industry were initially cautious — some responding tepidly during a White House meeting earlier this year about drilling in Venezuela — Wright’s comments suggest that momentum is building. Firms are now evaluating opportunities in a nation that, under U.S. supervision, is becoming more investable and better positioned to contribute to both Venezuelan recovery and American energy security.
The approach taken by the Trump administration — controlling Venezuelan oil sales, overseeing funds, and encouraging U.S. energy engagement — reflects a strategy that combines economic leverage with geopolitical objectives, aimed at both stabilizing Venezuela and advancing American interests in the region.
