Overview
U.S.-controlled sales of Venezuelan crude have already produced in excess of $1 billion, and short-term arrangements are expected to add roughly $5 billion more in the next several months, U.S. Secretary of Energy Chris Wright said in an interview with NBC News. Wright said much of that oil is being processed in U.S. refineries and that the administration has provided the proceeds to Venezuela's interim government.
Details from the visit and statements
Wright made the comments on the second day of his visit to Venezuela. He described the current totals and near-term expectations as follows: "Sales today are over a billion dollars, and in fact, we have sort of short-term agreements over the next few months that will bring in another $5 billion."
During his trip, Wright met with Interim President and Oil Minister Delcy Rodriguez and toured facilities in the Orinoco heavy crude belt with officials from U.S. oil company Chevron. The secretary said Washington will control the sales and the flow of funds "until a representative government is stood up in Venezuela." He added that free elections would "quite likely" take place before the end of the second Trump administration.
Corporate engagement and investment posture
Wright said Exxon Mobil is conducting discussions with the Venezuelan authorities and collecting data on the country’s oil sector. He quoted Exxon’s approach: "They are gathering data. They are looking at things. They’re a big company, so they’re going to move slowly and carefully." The secretary acknowledged the difficulties U.S. firms have faced in investing in Venezuela, but said the country is "on the road to becoming investable."
The article notes that Exxon previously described Venezuela as "uninvestable" during a White House meeting in January, and that the company left the country in 2007 after its assets were expropriated. It was further reported that in late January, Exxon’s CEO Darren Woods said the company remained willing to send a technical team to Venezuela to assess oil infrastructure, and that he believed the administration could play a role in addressing the country's challenges. Exxon did not immediately respond to a request for comment.
Chevron’s plans and production targets
Wright characterized Chevron’s activities in Venezuela as substantial. He said the firm is undertaking "a huge amount of capital, dramatic growth in their oil production, pretty aggressive move for a big, tamer company." In a separate interview with CNN, Wright said Chevron was on schedule to double production in one Venezuelan oilfield within the next 12 to 18 months, with the potential to increase output fivefold over the next five years. Chevron did not immediately respond to a request for comment.
Context and limitations
The information in this report is drawn from the comments Wright made during his interviews and public descriptions of corporate positions. It reflects statements about current sales volumes, near-term revenue expectations, the handling of proceeds by U.S. authorities, meetings with interim Venezuelan officials, and corporate engagement by Exxon Mobil and Chevron. Where companies did not respond to requests for comment, that non-response is noted.
Implications for markets and industry participants
The developments described by Wright touch on oil production, U.S. refinery throughput, and the strategic posture of major oil companies operating in or evaluating Venezuela. The reported movement of funds to Venezuela’s interim government, U.S. control over those proceeds, and announced corporate plans could influence operational decisions and capital allocation within the energy sector.