The United States (US) has presented a set of pre-conditions to Venezuela’s interim government.
Citing sources familiar with the matter, ABC News reported that the President Donald Trump administration demanded that Venezuela sever ties with China, Cuba, Russia, and Iran — with the last two countries among the world’s top 10 largest oil reserves.
Second, Venezuela must agree to partner the US exclusively on crude production and favour America when selling heavy crude oil.
Estimated at 303 billion barrels as of 2024, Venezuela is home to the largest known oil reserves.
The US used to be the main buyer of Venezuelan oil before relations between both nations turned frosty — with sanctions which blocked access to global markets, shipping, and diluents needed for heavy crude kicking in.
Last December, shipments averaged over 600,000 barrels per day, according to analysts.
Venezuela owes Beijing about $10 billion after China became the largest lender under Hugo Chavez, Nicolas Maduro’s predecessor.
The Latin American country repays these loans with crude transported in three very large carriers.
According to one source, ABC reported that Marco Rubio, secretary of state, told lawmakers during a private briefing on Monday that he believes the US can force Venezuela’s hand because its existing oil tankers are full.
Rubio also told lawmakers that the US estimates that Caracas has only a couple of weeks before it becomes insolvent.
Roger Wicker, senate armed services committee chairman, told the news outlet in an interview that the US is determined to control Venezuela’s oil without the deployment of troops.
After the US captured Maduro, Trump said the US would take over Venezuela’s affairs.
In a Truth Social post on Tuesday, Trump said Venezuela will turn over between 30 and 50 million barrels of oil to the US.
He said the oil would be sold at market prices, with profits controlled by the US, to ensure that the money benefits both countries.
