The U.S. government will maintain control over the sale of sanctioned Venezuelan oil "indefinitely," according to a White House official, as the country prepares to ease restrictions on Venezuelan crude in global markets. The move aims to leverage oil revenues to influence political change within Venezuela.

The initial phase of sales is projected to involve 30 million to 50 million barrels of oil. Analysts estimate these sales could generate approximately $2.8 billion (£2.1 billion). The U.S. government will control the revenue, though the specific portion to be shared with Venezuela remains unclear.

This development has significant implications for the global oil market. The injection of Venezuelan crude, albeit under U.S. control, could ease supply constraints and potentially impact prices. The extent of this impact will depend on the volume and pace of sales, as well as the overall geopolitical landscape.

Venezuela's state-run oil company, PDVSA, stated that negotiations regarding oil sales are ongoing within the existing framework between the two countries, suggesting a degree of cooperation despite the U.S. retaining control of the revenue. PDVSA characterized the process as similar to those in force with international companies.

The future outlook hinges on the U.S. government's ability to effectively utilize oil revenue as leverage for political reform in Venezuela. The long-term impact on the oil market will depend on the sustainability of this arrangement and the potential for increased Venezuelan oil production under a revised political landscape.