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US Energy Secretary Wright says the US government wants to sell Venezuelan oil and deposit the money into US-controlled accounts, remarks at the Goldman Sachs conference; US government wants to get Venezuelan oil flowing again

The remarks from the US Energy Secretary signal a potential shift in US-Venezuelan relations regarding oil exports, indicating that the US aims to resume Venezuelan oil sales, which could significantly increase global oil supply by hundreds of thousands of barrels per day.

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US Energy Secretary Wright says the US government wants to sell Venezuelan oil and deposit the money into US-controlled accounts, remarks at the Goldman Sachs conference; US government wants to get Venezuelan oil flowing again

[MARKET UPDATE] Modest crude pressure seen during a CNBC report re. oil sales from Venezuela, source stated that sales will continue indefinitely

Oil sales from Venezuela will continue indefinitely and sanctions will be reduced as part of an agreement between the US administration and Venezuela, CNBC reports citing a White House source; 50mln barrels to be sold to the US in the first tranche.

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  • Want to create conditions for US oil companies to enter Venezuela.
  • Money from selling Venezuelan oil will flow back to benefit Venezuelan citizens.
  • Estimates Venezuelan oil production could grow by several hundred thousand additional barrels in the short to mid term.
  • Can Increase Output By 700K BPD in the mid term.
  • Control of Venezuela's oil would give the US large leverage.
  • Oil to be turned over by Venezuela to the US will come from storage.
  • The former Three Mile Island nuclear plant is in the process of restarting in around 18 months.
  • Wish to fill the SPR; is currently being filled, but not at an ideal pace.
Context

This development likely provides a bearish outlook for oil prices in the medium term, especially if production ramps up as estimated, impacting WTI and broader commodity markets.

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