US to control Venezuela oil sales indefinitely, official says

A US official said Washington will control Venezuela's oil sales indefinitely; Venezuela currently produces about 1 million barrels per day after years of disinvestment and sanctions.

An official announcement said the United States will control Venezuela's oil sales indefinitely, drawing attention from international governments and markets. The matter is being discussed because Venezuela holds very large proven oil reserves but has seen production fall sharply in recent years. That lower output has in recent years gone mainly to China, and those flows have been reported as disrupted. Officials and analysts are also noting the wider implications for producers and refiners. Key points: - A US official said Washington will control Venezuela's oil sales "indefinitely," as reported. - Venezuela has large proven reserves but current production is about 1 million barrels per day after years of disinvestment, mismanagement and sanctions; recent supplies largely went to China and have been disrupted. - The article reports that President Trump is due to meet oil industry executives at the White House on Friday. Summary: The announcement centers on US control of Venezuela's oil sales amid already-low Venezuelan output and disrupted export patterns. Analysts in the article say raising Venezuela's production substantially would take years and large investment, and the next scheduled public step is a White House meeting between the president and oil executives on Friday.