Trump Sets No Timeline for US Control of Venezuela's Oil, Vows 'Profitable' Rebuild

In a Wednesday interview with the New York Times, President Donald Trump indicated that the US may control Venezuela's oil trade for an extended period. Trump stated that the US would oversee the administration in Caracas, extracting oil from Venezuela's vast reserves, for 'much longer' than a year. The Trump administration has taken control of Venezuela's oil sector, with US energy secretary Chris Wright announcing that the US will sell the country's stored oil and indefinitely sell its production. Wright emphasized that the US will 'get that crude moving again' and market the crude coming out of Venezuela. The move comes as the US selectively rolls back sanctions on Venezuela's oil sector, allowing Chevron to operate in the country under a special license. The Trump administration has also seized two more oil tankers, including one flying a Russian flag, as part of its efforts to control all exports of Venezuelan crude. Trump expressed confidence in the interim government of Venezuela, led by President Delcy Rodriguez, stating that they are 'giving us everything that we feel is necessary.' He also vowed to rebuild Venezuela's economy in a 'profitable way,' giving the country much-needed funds and reducing oil prices. While Trump did not provide a specific timeline for ending US oversight, he emphasized that the US will continue to play a significant role in Venezuela's oil trade for years to come.