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Venezuela’s interim president, Delcy Rodríguez, has defended plans to open up her country’s oil market to Washington, as Donald Trump’s vice-president JD Vance reiterated that the US would have complete control of the country’s supplies.
Rodríguez said on Wednesday that America’s attack to remove her predecessor, Nicolás Maduro, put a “stain” on the countries’ relations, but added it was “not unusual or irregular” to trade with the US, adding that Venezuela was “open to energy relations where all parties benefit.”
Trump’s administration has sought to assert its control over Venezuelan oil, seizing a pair of sanctioned tankers on Wednesday, while announcing it would manage all sales of future crude production and oversee the sale of the country’s petroleum worldwide.
“We’re going to market the crude coming out of Venezuela,” US energy secretary, Chris Wright, said. “First this backed-up store of oil, and then indefinitely going forward we will sell the production that comes out of Venezuela in the marketplace.”
In an interview on Fox News, Vance said Venezuela would only be able to sell its oil if it serves the interests of the US.
“We control the energy resources, and we tell the regime, you’re allowed to sell the oil so long as you serve America’s national interest, you’re not allowed to sell it if you can’t serve America’s national interest,” Vance said.
On Tuesday, Trump announced a deal to access to up to $2bn worth of Venezuelan crude, a sign that the Venezuelan government officials are responding to Trump’s demand that they open up to US oil companies or risk more military intervention.
On top of the ongoing embargo on Venezuelan oil, the US energy department has said the “only oil transported in and out of Venezuela” will be through approved channels consistent with US law and national security interests.
That level of control over the world’s largest proven reserves of crude oil could give the Trump administration a broader hold on oil supplies globally in ways that could enable it to influence prices. Since the American military’s capture of Nicolás Maduro, Trump has continued to pledge that the US will “run” the country, despite push back from Rodríguez.
On Wednesday, Trump said that Venezuela would only buy US-made products with the profits it makes from any deal it strikes with Washington to sell oil.
“I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” the president said in a social media post.
Trump is scheduled to meet with the heads of major oil companies at the White House on Friday to discuss ways of raising Venezuela’s oil production. But according to reports, US oil companies are pushing for “serious guarantees” from Washington before they make large investments in Venezuela.
The Financial Times reported that oil executives are expected to press the president on providing strong legal and financial guarantees before they agree to commit capital to Venezuela. US officials have in recent weeks told US oil executives that they will need to return to Venezuela quickly and invest significant capital in the country to revive the damaged oil industry, Reuters reported earlier this week.
With Reuters and Agence France-Presse
