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US Energy Secretary Claims 'Indefinite' Control Over Venezuelan Oil Sales
Summary: US Energy Secretary Chris Wright announced on the 7th that the United States will have 'indefinite' control over Venezuelan oil sales. Wright stated that the sale of Venezuelan oil will be controlled by the US government, not only including current inventory but also future 'indefinite' sales. Sales revenue will be deposited into accounts controlled by ...
US Energy Secretary Chris Wright announced on the 7th that the United States will have 'indefinite' control over Venezuelan oil sales. Wright stated that the sale of Venezuelan oil will be controlled by the US government, not only including current inventory but also future 'indefinite' sales. Sales revenue will be deposited into accounts controlled by the US government, with the funds eventually flowing back to benefit the Venezuelan people. Wright mentioned that the US's near-term goal is to stabilize and increase Venezuelan oil production by providing heavy crude diluents, parts, equipment, and services. He noted that while Venezuelan oil production may increase by hundreds of thousands of barrels in the coming years, returning to historical highs will require billions of dollars in investment and 'quite a long time'. The US will create conditions for large American oil companies to enter Venezuela. The Trump administration is also considering establishing compensation mechanisms for US oil companies investing in Venezuela. (Xinhua News Agency)
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