The US will control sales of sanctioned Venezuelan oil “indefinitely” as it prepares to roll back restrictions on the country’s crude in global markets, the White House said.

Officials said sales were expected to start with 30 million to 50 million barrels of oil and the revenue would be controlled by the US government in order to maintain leverage over the Venezuelan government.

“We’re going to let the oil flow,” Energy Secretary Chris Wright said at a conference with oil and gas executives in Miami.

It’s not clear what portion of the revenues from the sale – which analysts expect to raise about $2.8bn (£2.1bn) – would be shared with Venezuela.

“We need to have that leverage and control of those oil sales to drive the changes that simply must happen in Venezuela,” Wright said, while adding that some of the money would then “flow back into Venezuela”.

White House officials said on Wednesday that they had already taken steps to start marketing the oil and the administration was working with key banks and commodity firms to execute the sales.

The comments offered more insight into plans US President Donald Trump announced on social media on Tuesday.

He said that Venezuela would be “turning over” up to 50 million barrels of oil to the US, and it would be sold at its market price.

The money is set to be deposited into US controlled accounts, which Trump said he as president would control and use to benefit the people of Venezuela and the US.

US Secretary of State Marco Rubio said the aim was to disburse the money “in a way that benefits the Venezuelan people – not corruption, not the regime – so we have a lot of leverage to move on the stabilisation front”.

Analysts said the impact of the change in policy would depend on details, like the pace of the sales.

Venezuela has some of the world’s largest proven oil reserves, but disinvestment, mismanagement and decades of US sanctions have left it with output of only about a million barrels per day – less than 1% of global production.

That supply, which provided critical resources to the Venezuelan government, in recent years has been going primarily to China.

But that too has been disrupted in recent months after the US ramped up strikes and a blockade of Venezuelan tankers as part of its pressure campaign against Maduro.

On Wednesday, Beijing’s foreign minister condemned the US seizure of Maduro and US plans to exert control over Venezuela’s oil resources.

Trump is due to meet with oil executives at the White House on Friday.

Analysts said that in the short term, US oil firm Chevron and US oil refineries, which are set up to process the kind of “heavy” crude that is characteristic of Venezuela’s output, are well placed to benefit from increased flow of oil from Venezuela.

Such a shift could put pressure on Mexico and Canada, which produce similar crude and are currently the main sellers to US refineries.

Oil prices, which are already relatively low amid steady supply and muted demand expectations, slipped further over the last week on the prospect that Venezuela might have increased access to the global market.

But analysts have warned that meaningful expansion of the country’s output will take years and billions of dollars in investment, which firms may be hesitant to undertake, given less risky opportunities in the US and in other countries such as Guyana.

Last Updated:January 07, 2026, 23:09 IST

Anil Agarwal announced the death of his son Agnivesh Agarwal due to cardiac arrest. Tributes poured in as the Vedanta Group family mourns this loss and requests privacy.

Anil Agarwal announced the death of his son Agnivesh Agarwal due to cardiac arrest. Tributes poured in as the Vedanta Group family mourns this loss and requests privacy. (Pic: Facebook)

Agnivesh Agarwal, son of Anil Agarwal, chairman of the Vedanta Group, passed away at the age of 49 following a sudden cardiac arrest in New York, the industrialist said on Wednesday.

In a statement shared on X, Anil Agarwal described the loss as the “darkest day” of his life. He said Agnivesh had earlier suffered injuries in a skiing accident in the United States and was undergoing treatment at Mount Sinai Hospital. According to the family, his recovery had been progressing well and doctors were optimistic before his condition deteriorated unexpectedly.

“Following a skiing accident in the US, he was recovering well in Mount Sinai Hospital. We believed the worst was behind us. But fate had other plans, and a sudden cardiac arrest snatched our son away from us,” Agarwal wrote.

Born in Patna on June 3, 1976, Agnivesh was educated at Mayo College in Ajmer and went on to build a distinguished professional career. He played a key role in establishing Fujairah Gold and later served as Chairman of Hindustan Zinc, earning respect across the global business community.

Remembering his son, Agarwal described Agnivesh as a sportsman, musician and leader, known for his humility, warmth and compassion. “Beyond all his achievements, he remained simple, deeply human and kind. To me, he was not just my son. He was my friend, my pride, my world,” he wrote.

The Vedanta chairman said the family was devastated by the loss. “Kiran and I are broken,” he said, referring to his wife, adding that Agnivesh was also his closest confidant.

Agarwal also recalled his son’s strong belief in India’s future and their shared commitment to social development. He renewed a personal pledge to donate more than 75% of his earnings to social causes and said he would live an even simpler life in Agnivesh’s memory.

“We shared a dream to ensure that no child sleeps hungry, no child is denied education, every woman stands on her own feet, and every young Indian has meaningful work,” Agarwal wrote. “I do not know how to walk this path without you, but I will try carrying your light forward.”

Funeral details were not immediately announced.

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