Energy Sec. Wright: US to Control Venezuelan Oil 'Indefinitely'

Energy Secretary Chris Wright said on Wednesday the United States government wants to get Venezuelan oil flowing again, directly control Venezuelan oil sales and revenue via U.S.-controlled accounts, and create conditions for U.S. oil companies to enter the country.

Such moves will benefit Venezuela's people as well, Wright said Wednesday.

Oil sales will be "done by the U.S. government and deposited into accounts controlled by the U.S. government," he said.

"Then from there, those funds can flow back into Venezuela to benefit the Venezuelan people, but we need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela."

Wright said he was speaking to U.S. oil companies to learn what conditions would enable them to enter the South American country and added that he wanted to sell Venezuelan oil to U.S. refineries.

"We're going to market the crude coming out of Venezuela, first this backed-up, stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace," Wright said.

He was speaking at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami.

Over the weekend, President Donald Trump said the U.S. would "take control" of Venezuela after U.S. forces ousted Venezuelan President Nicolas Maduro.

U.S. oil executives are expected to visit the White House later this week to discuss ways to revive Venezuela's tattered oil sector.