Story perspectives

U.S. Eyes Control Over Venezuela's Oil Amid Production Crisis

1/8/2026

Center

Wright Advocates Control

Energy Secretary Chris Wright says the United States must control Venezuela's oil sales to enact changes.
This follows an agreement allowing Venezuela to export up to $2 billion in crude to the United States, diverting supplies from China.
Wright says U.S. oil companies could boost Venezuela's production, which has plummeted due to mismanagement.
U.S. President Donald Trump plans to meet with major oil executives to discuss increases in Venezuelan output.

Left

Trump's Oil Control

U.S. President Donald Trump faces Democratic opposition to his plan to control proceeds from Venezuelan oil.
Senator Chris Murphy called the plan "insane."
Senator Chris Van Hollen said the president cannot use oil for personal gain.
The Trump administration is intensifying scrutiny of Minnesota for fraud in safety net programs.
Officials will investigate similar fraud in other Democratic-led states.

History

Historical Context

Venezuela's oil production, which peaked at 2.5 million barrels per day in 2014, plummeted due to government mismanagement and reliance on oil revenue, which constituted 90% of its income. Following the imposition of U.S. sanctions in 2017 under President Trump, the economy further deteriorated. Today, discussions around U.S. control over Venezuelan oil sales reflect ongoing geopolitical tensions and the critical role of oil in both nations' economies.

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Wright Advocates Control

Energy Secretary Chris Wright says the United States must control Venezuela's oil sales to enact changes.
This follows an agreement allowing Venezuela to export up to $2 billion in crude to the United States, diverting supplies from China.
Wright says U.S. oil companies could boost Venezuela's production, which has plummeted due to mismanagement.
U.S. President Donald Trump plans to meet with major oil executives to discuss increases in Venezuelan output.

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