Money from sale of Venezuelan oil will be held in US-controlled accounts, Energy Dept says

The U.S. Department of Energy said it has begun marketing Venezuelan oil and that proceeds from those sales will initially settle in U.S.-controlled accounts at globally recognized banks; officials also reported seizures and sanctions enforcement as part of broader measures, and President Trump said the U.S. would refine and sell up to 50 million barrels.

The U.S. Department of Energy announced that it has begun marketing Venezuelan oil and that all proceeds from sales will initially be held in U.S.-controlled accounts at internationally recognized banks. The department said it has engaged major commodity marketers and key banks to execute and provide financial support for those sales. Reporting also notes U.S. enforcement actions related to vessel movements and at least one seized tanker. President Donald Trump announced plans to refine and sell up to 50 million barrels of crude linked to Venezuela. Key points: - The Department of Energy said proceeds from marketed Venezuelan oil will initially settle in U.S.-controlled bank accounts at globally recognized banks. - The DOE stated it has engaged leading commodity marketers and key banks to execute and support crude and product sales. - President Trump said the U.S. would refine and sell up to 50 million barrels of crude currently affected by the blockade. - Reporting said U.S. authorities seized an empty Venezuela-linked, Russian-flagged oil tanker and are enforcing vessel restrictions under sanctions. Summary: The reported actions place initial financial control of Venezuelan oil sale proceeds with U.S.-controlled accounts and involve international banks and commodity marketers. Officials have also described enforcement measures including a tanker seizure, and they reported plans to refine and sell a specified volume of crude; the sequence of marketing and settlement is the near-term path described by officials.