Top U.S. officials emphasized the need to control Venezuela’s oil sales indefinitely to stabilize its economy and rebuild the oil sector after ousting leader Nicolas Maduro. Energy Secretary Chris Wright stated that revenues would repay oil majors for past nationalizations. Democratic lawmakers criticized the approach as industry analysts warned of political instability.

The U.S. plans to market stored Venezuelan oil first and sell future production indefinitely. Energy Secretary Wright engaged top commodity marketers and banks for support. Talks with U.S. oil companies are ongoing to boost Venezuela’s production in the long term. Washington reached a deal to export up to $2 billion worth of Venezuelan crude to the U.S.

Venezuela agreed to use oil proceeds to purchase American goods as part of a deal with the U.S. Trump praised this decision. PDVSA is negotiating oil sales with the U.S., with shares of U.S. refiners rising. Trump will meet with major oil company heads to discuss increasing Venezuela’s oil production. Chevron is the only U.S. oil major operating in Venezuela’s oil fields.

Read more at Yahoo Finance: US says it needs to control Venezuelan oil sales indefinitely to drive change