President Donald Trump points to the crowd as he walks off stage after speaking to House Republican lawmakers during their annual policy retreat, Tuesday, Jan. 6, 2026, in Washington.Evan Vucci/AP

President Trump’s plans for Venezuela’s oil industry, insofar as there are concrete plans, appear to be solidifying.

On Wednesday, Energy Secretary Chris Wright indicated that the United States will control the flow of Venezuelan oil “indefinitely.” The announcement came hours after President Trump revealed that Venezuela would be “turning over” up to 50 million barrels of oil to the US, with revenue he intended to personally control.

“The Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,” he wrote on social media.

With oil trading at roughly

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