WASHINGTON, CARACAS – Recent changes in U.S. policy toward Venezuela’s oil sector are reshaping how the country sells its crude on international markets, with officials in Washington arguing that revenues should now benefit the Venezuelan people rather than external actors.
According to U.S. officials, including Secretary of State Marco Rubio, Venezuelan oil is increasingly being sold at full market prices, rather than at discounted rates that in the past often benefited intermediaries, creditors, or foreign partners. The policy shift follows a broader easing of sanctions and reforms within Venezuela’s oil sector.
Recent decisions by the U.S. Treasury have allowed state-owned oil company PDVSA to sell oil directly to U.S. companies and on global markets, marking a significant departure from years of restrictions that limited Venezuela’s access to international trade.
At the same time, U.S. authorities have indicated they intend to monitor how oil revenues are used. Rubio previously stated that funds from oil sales would be overseen to ensure they are directed toward stabilizing Venezuela and supporting its population, rather than being diverted through corruption or mismanagement.
The changes come amid a broader geopolitical shift, with Washington seeking to increase global oil supply and stabilize energy markets, particularly in the context of tensions in the Middle East.
However, analysts warn that selling oil at market prices does not automatically translate into improved living conditions for Venezuelans. Venezuela has long struggled with a system where oil wealth is concentrated at the top, while much of the population faces economic hardship.
The credibility of the new framework will depend on whether increased transparency and oversight can ensure that revenues are effectively used for public benefit. While reforms in the oil sector and renewed access to international markets could boost production and income, concerns remain about governance, accountability and long-term economic management.
For countries in the Caribbean, including Curaçao, developments in Venezuela’s oil sector remain closely watched, given their potential impact on regional energy flows, storage activities and broader economic ties.
As Venezuela re-enters global oil markets under a new framework, the key question remains whether this shift represents a real break from the past—or simply a change in who controls the country’s most important resource.