Trump: US to Oversee Venezuel, Control Oil Revenue

The United States, following the seizure of President Nicolás Maduro, plans to oversee Venezuela and control its oil revenue for an extended period to "rebuild it in a very profitable way," President Donald Trump told the New York Times.

Trump, who stated the US will be "taking oil" to lower global prices while also giving money to Venezuela, said US control would last "much longer" than a year.

The US is "getting along very well" with the government of interim president Delcy Rodriguez, a Maduro loyalist, with Secretary of State Marco Rubio in constant communication with her administration.

Key Highlights

• The US plans to oversee Venezuela and control its oil revenue for "much longer"
• The Trump administration is working with interim president Delcy Rodriguez
• Trump withdrew a threat of military action against Colombia after a "cordial" phone call with President Gustavo Petro

The US declined to transfer power to the opposition, which it had previously supported. Trump unveiled a plan to refine and sell up to 50 million barrels of Venezuelan oil stuck under a US blockade.

Separately, during the two-hour interview, Trump appeared to withdraw a previous threat of military action against Colombia and its leftist leader, President Gustavo Petro, whom he invited to Washington.

Trump and Petro, whom he had previously called a "sick man," had a "cordial" hour-long phone call that "appeared to dissipate any immediate threat." US officials, including Energy Secretary Chris Wright, indicated that major US oil companies (Exxon Mobil, ConocoPhillips, Chevron) with experience in Venezuela are expected to act as "advisers and helpers" in restoring the country's oil industry.

Also Read: Delcy Rodriguez Sworn In as Venezuela's Interim President

The US intends to exert influence without a military occupation to help the impoverished nation, which has the world’s biggest proven oil reserves.