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.

The Competition Commission of India (CCI) has sought information from IndiGo and aviation regulator DGCA to assess whether the country’s largest airline indulged in unfair business practices following widespread flight cancellations last month, PTI reported citing sources.In early December, IndiGo, which commands over 63% share of the domestic aviation market, faced major operational disruptions that led to the cancellation of thousands of flights before services stabilised. In response, the Directorate General of Civil Aviation (DGCA) curtailed the airline’s winter schedule by 10%.Sources said the anti-trust regulator has sent a set of queries to IndiGo as part of its preliminary examination of the airline’s conduct. The CCI has also sought information from the DGCA, including data on airfares, to gain a broader understanding of market conditions before deciding its next course of action.The Competition Commission is currently assessing whether there is prima facie evidence that IndiGo violated competition norms by abusing its dominant position in the market. As part of its process, the watchdog first undertakes an initial assessment before ordering a detailed investigation by its Director General (DG), if required.On December 18, the CCI said it had taken cognisance of information filed against IndiGo in connection with the recent flight disruptions across multiple routes. “Based on the initial assessment, the Commission has decided to proceed further in the matter in accordance with the provisions of the Competition Act, 2002,” it said in a release.A day later, CCI Chairperson Ravneet Kaur told PTI that the regulator had decided to examine the matter further based on the information available. “We have information which has come to us, and based on that information, the matter was placed before the commission. The commission has taken a view that in the initial assessment, it looks like we can go into further detail,” she said.The DGCA has already completed its probe into the operational disruptions, while the CCI continues to evaluate whether IndiGo’s conduct warrants a full-fledged investigation under competition law.