The US Energy Secretary announced that Venezuelan oil sales will be controlled "indefinitely".

U.S. Energy Secretary Chris Wright declared on the 7th that the United States will control Venezuelan oil sales "indefinitely." Wright stated that the sale of Venezuelan oil will be controlled by the U.S. government, including not only inventory but also future sales "indefinitely." Sales revenue will be deposited into accounts controlled by the U.S. government, and these funds can then flow back to Venezuela "to benefit the Venezuelan people." Wright said the U.S.'s immediate goal is to stabilize and increase Venezuelan oil production by providing heavy crude oil diluents, spare parts, equipment, and services. He stated that Venezuela's daily oil production may increase by hundreds of thousands of barrels in the coming years, but returning to historical highs will require hundreds of billions of dollars in investment and "a considerable amount of time." The U.S. will create conditions for large U.S. oil companies to enter Venezuela. The Trump administration is also considering establishing a compensation mechanism for U.S. oil companies investing in Venezuela. (Xinhua)