The U.S. government will maintain control over the sale of Venezuelan oil "indefinitely," according to a White House official, as it prepares to ease restrictions on the nation's crude entering global markets. The move is designed to exert influence over the Venezuelan government.

The initial phase of sales is projected to involve 30 million to 50 million barrels of oil. Analysts estimate the sales could generate approximately $2.8 billion (€2.1 billion). The U.S. government will control the revenue, with the portion allocated to Venezuela remaining unclear. Energy Secretary Chris Wright emphasized the need for leverage and control over oil sales to drive necessary changes within Venezuela.

The decision to control Venezuelan oil sales has significant implications for the global oil market. Increased supply could potentially moderate prices, offering relief to consumers and businesses grappling with high energy costs. However, the extent of the impact will depend on the volume of oil released and the prevailing geopolitical conditions.

Venezuela's state-run oil company, PDVSA, stated that negotiations regarding oil sales are ongoing within the existing framework between the two countries. PDVSA indicated that the process would adhere to similar rules applied to international companies operating in Venezuela.

The long-term implications of U.S. control over Venezuelan oil sales remain uncertain. The policy's success hinges on its ability to foster political and economic reforms within Venezuela. The duration of the control and the ultimate distribution of revenue will be critical factors shaping the future of Venezuela's oil industry and its relationship with the United States.