Chris Wright, U.S. Minister of Energy, hinted that the United States would expand oil output through U.S. involvement in Venezuela's oil industry.
On the 11th (local time), Minister Wright appeared on CBS and said, "U.S. involvement will expand (in Venezuela's oil industry)," adding, "U.S. corporations will expand their entry, and production will increase."
However, when asked whether the U.S. government would come to own PDVSA, Venezuela's state oil company, Wright said, "No," adding, "At present, we are managing their crude sales."
In the United States, after the ouster of Venezuelan President Nicolás Maduro, there has been speculation that the U.S. government would tighten control over PDVSA and that the United States would secure crude produced by PDVSA to sell and distribute it directly.
In fact, the U.S. government agreed to receive 30 million–50 million barrels of Venezuelan crude, and the previous day, President Trump signed an executive order protecting proceeds from Venezuelan crude sales deposited in a U.S. Treasury account from seizure and legal action.
Minister Wright said the United States would induce a drop in oil prices by increasing Venezuela's oil output, emphasizing, "President Trump is not a helper of the oil and gas industry." The point is that President Trump prioritizes consumer convenience over oil companies' profitability.
Minister Wright rejected controversy that the sale of equity in Citgo, a U.S. refiner owned by PDVSA, amounted to favoritism for Elliott, a hedge fund owned by Trump supporter Paul Singer, saying, "There is absolutely no favoritism, I guarantee," and adding, "The auction was open to all U.S. corporations."