News Brief

January 7, 2026

Trump officials outline plan in Venezuela to ‘take all the oil’

Top Trump Cabinet members on Wednesday sketched out the goals to control oil sales out of Venezuela, following the abduction of the country’s president last week.

Secretary of State Marco Rubio said the U.S. is “about to execute on a deal to take all the oil.”  

"We’re going to sell it in the marketplace – at market rates, not at the discounts Venezuela was getting,” Rubio said, according to an official transcript. “That money will then be handled in such a way that we will control how it is disbursed in a way that benefits the Venezuelan people.”

Energy Secretary Chris Wright made similar comments at a Goldman Sachs energy conference in Florida, according to the New York Times.

The remarks come after the Jan. 3 capture of Venezuelan President Nicolás Maduro and his wife by U.S. forces. Venezuela has the world’s largest oil reserves, and Trump has repeatedly said that the U.S. intends to control the country’s oil assets.

In a statement Wednesday, Venezuela’s state oil company confirmed that it was negotiating with U.S. officials but did not state whether there was a deal in place, the New York Times reported.

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