U.S. Energy Chief Says Washington Holds Big Leverage Over Venezuela’s Oil Revenues

U.S. Secretary of Energy Chris Wright said that although Venezuelans govern their own country, the United States now wields significant influence over the interim leadership because it controls the largest source of government funding the oil sector.

Oil Revenue as Leverage

In an interview with NBC News, Wright said U.S. cooperation with Acting President Delcy Rodríguez has already shown results, including changes to Venezuela’s hydrocarbon law in the first weeks of engagement. He described this early partnership as “off to a tremendous start.”

Wright emphasized that while Venezuelans lead daily governance, the U.S. holds “enormous leverage” because oil sales the country’s key revenue stream are controlled in large part by American firms and refiners under U.S. oversight.

Revenue and Oil Sales

According to Wright, more than $1 billion in Venezuelan oil has already been sold under U.S.-managed processes, and another $5 billion in sales is expected in the coming months as short-term agreements mature. Much of the crude is being refined in U.S. facilities.

He explained that this revenue flow will continue as long as the interim authorities pursue policies that benefit both Venezuela and U.S. interests, and could be used as leverage if progress stalls.

Cooperation and Political Context

Wright highlighted that cooperation with Rodríguez who has held power since Nicolás Maduro’s removal has been productive, with Venezuelan authorities providing information and making policy changes quickly.

Still, observers note that Venezuela has not fully broken with past authoritarian practices. Recent protests and limited political openings illustrate tentative reforms, but significant challenges remain.

Wright’s comments reflect broader U.S. aims to stabilize Venezuela’s energy sector and open it to foreign investment while maintaining strategic economic influence through control of its main financial resource.