The Trump administration moved on Wednesday to tighten its grip on Venezuelan oil by seizing two sanctioned tankers carrying petroleum products and announcing plans to ease some sanctions for overseeing Venezuela’s global oil sales. Following the recent ousting of Venezuelan President Nicolás Maduro, the U.S. aims to control the worldwide distribution of Venezuela’s oil, as stated by the U.S. Department of Energy.
The administration plans to restrict all oil transportation to and from Venezuela through approved channels in line with U.S. laws and national security interests. This control over the world’s largest proven crude oil reserves could potentially allow the Trump administration to influence global oil prices significantly.
The seizure of the tankers in the North Atlantic and Caribbean Sea showcases the administration’s commitment to enforcing the existing oil embargo on Venezuela, in alignment with Trump’s pledge to oversee the country’s operations. Vice President JD Vance emphasized in an interview that the U.S. can manipulate Venezuela’s oil sales to serve American interests without risking American lives.
Furthermore, U.S. Secretary of State Marco Rubio indicated that the oil extracted from the seized vessels would be included in a deal announced by Trump, where Venezuela agreed to provide up to 50 million barrels of oil to the U.S. Venezuelan interim authorities expressed their willingness for the seized oil to be part of this agreement to avoid economic collapse.
The U.S. European Command confirmed the seizure of the merchant vessel Bella 1 in the North Atlantic due to violations of U.S. sanctions, while the motor tanker M Sophia was also taken control of in the Caribbean Sea. These actions are part of the administration’s efforts to enforce sanctions and prevent illicit oil dealings by countries like Venezuela, Russia, and Iran.
The U.S. is selectively lifting sanctions to facilitate the shipping and sale of Venezuelan oil globally. This move is expected to commence immediately with the sale of 30 to 50 million barrels of oil from Venezuela and will continue indefinitely. The proceeds from these sales will be managed in U.S.-controlled accounts and distributed at the discretion of the U.S. government for the benefit of both American and Venezuelan populations.
In addition to facilitating oil sales, the U.S. plans to authorize the importation of oil field equipment, parts, and services to boost Venezuela’s oil production capacity. This initiative aims to improve the quality of life in Venezuela by investing in the country’s electricity grid and enhancing production capabilities.
