Washington is preparing to oversee the sale of Venezuelan crude oil and retain the earnings in US-based accounts, outlining its most explicit approach yet to managing the South American nation’s most critical asset. US Energy Secretary Chris Wright said the strategy is aimed at restarting stalled oil flows and gradually restoring production in a country battered by sanctions and economic collapse.

Speaking at an energy conference in Miami, Wright explained that the initial focus would be on clearing large volumes of oil currently sitting in storage. These reserves have accumulated as export routes were restricted, raising concerns that producers would soon be forced to shut down wells. Once that backlog is sold, the US plans to continue marketing Venezuelan oil output on an ongoing basis.

The move aligns with a broader push by the Trump administration to bring American energy firms back into Venezuela to rehabilitate its ageing oil fields, pipelines and refineries. As part of that effort, Washington has begun easing certain sanctions on the oil sector, according to the Energy Department.

President Donald Trump said earlier this week that Venezuela would hand over as much as 50 million barrels of crude for the US to sell on its behalf, a volume estimated to be worth roughly $2.8 billion at current prices. The White House confirmed that efforts to place Venezuelan oil with buyers are already underway.

Officials said proceeds from these sales will be deposited in US Treasury-linked accounts, shielding the funds from international creditors. The money would ultimately be earmarked for the benefit of both Venezuelans and Americans, administration spokespeople said.

Wright stressed that the plan is not an expropriation of Venezuela’s resources, but rather a mechanism to restart exports and channel revenues back into the country. However, he noted that compensation claims from US companies whose assets were seized during earlier nationalisations would not be addressed immediately, describing those disputes as a longer-term matter.

Venezuela’s state-owned oil firm, PDVSA, confirmed it is in talks with US authorities to structure crude sales under a framework similar to the one currently used by Chevron, the only major American oil company still operating in the country.

Meanwhile, US forces have intercepted additional oil tankers linked to Venezuela, including one flying a Russian flag, as part of a campaign to assert control over sanctioned exports. The seizures took place in both the Atlantic and Caribbean regions.

The administration is also encouraging major US producers such as Chevron, ExxonMobil and ConocoPhillips to help rebuild Venezuela’s oil industry now that Nicolás Maduro has been removed from power. Senior officials have held preliminary discussions with energy executives, and President Trump is expected to meet industry leaders later this week to discuss potential investments.

Years of mismanagement, corruption and lack of funding have left Venezuela producing less than one million barrels of oil per day, a fraction of its past output. Wright said production could be lifted by several hundred thousand barrels daily in the near to medium term, though experts caution that a full recovery would require massive spending over many years.

Despite holding some of the world’s largest oil reserves, Venezuela will need political stability and long-term policy assurances before international companies commit significant capital. Global oil prices edged lower on Wednesday, with crude trading near $60 a barrel.