The measure would facilitate oil sales and come within days, Treasury Secretary Scott Bessent has said<\/p>\n
Washington could lift some of the sanctions against Venezuela within days in order to facilitate oil sales, US Treasury Secretary Scott Bessent has announced. His comments came after US President Donald Trump insisted that America needs \u201ctotal access\u201d to the country\u2019s crude.
\nIn an interview with Reuters on Friday, Bessent said the US Treasury was already \u201cde-sanctioning the oil that\u2019s going to be sold\u201d and review changes that would help repatriate proceeds from Venezuelan crude stored largely on ships back to the country.
\n\u201cHow can we help that get back into Venezuela, to run the government, run the security services and get it to the Venezuelan people?\u201d he said, adding that more sanctions could be removed \u201cas soon as next week,\u201d without specifying which measures.<\/p>\n
Read more<\/p>\n
Venezuela to \u2018turn over\u2019 sanctioned oil to US \u2013 Trump<\/p>\n
He also said nearly $5 billion worth of the country\u2019s frozen IMF Special Drawing Rights could be deployed to help rebuild the economy. Bessent also suggested that smaller privately held companies were likely to move quickly back into Venezuela\u2019s oil sector.
\nSome major US oil companies remain wary, however. On Friday, Exxon Mobil CEO Darren Woods called Venezuela, which holds the world\u2019s largest oil reserves, \u201cuninvestible\u201d under current conditions, citing weak legal protections and past nationalizations.
\nBessent\u2019s remarks come after a US attack on Caracas and the kidnapping of Venezuelan President Nicolas Maduro, who was flown to New York to face drug trafficking and weapons possession charges he denies.
\nAfter the kidnapping, US President Donald Trump said Washington would \u201crun\u201d Venezuela while cooperating with the officials in Caracas until a transition was achieved, while stressing that the US needs \u201ctotal access\u2026 to the oil and to other things in their country.\u201d
\nDays later, Trump announced that Venezuela\u2019s interim authorities would \u201cturn over\u201d 30 to 50 million barrels of \u201csanctioned oil\u201d to be sold and \u201cused to benefit the people of Venezuela and the United States.\u201d
\nMeanwhile, Caracas said it was open to dialogue with the US, but warned that the country \u201cwill never return to being the colony of another empire.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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