US Will Oversee Revenue From Venezuelan Oil Sales, White House Says

WASHINGTON—The Trump administration is selectively removing sanctions on Venezuelan oil to allow its export and sale in global markets, the White House announced on Jan. 7. According to a new policy statement, all proceeds from the oil sales will be controlled by the U.S. government and distributed for the benefit of the Venezuelan and American people.

“The United States government has already begun marketing Venezuelan crude oil in the global marketplace for the benefit of the United States, engaged the world’s leading commodity marketers, key banks to execute and provide financial support for these crude oil and crude product sales,” White House press secretary Karoline Leavitt told reporters on Jan. 7.