US Vice President JD Vance, in remarks due to air later on Wednesday, said Venezuela can only sell its oil if it serves the interests of the United States.
Vance told Fox News' "Jesse Waters Primetime" show that the United States, which carried out strikes against the South American country and captured its president over the week, controls Venezuela's purse strings.
"We control the energy resources, and we tell the regime, you're allowed to sell the oil so long as you serve America's national interest, you're not allowed to sell it if you can't serve America's national interest," Vance said. Excerpts of the interview were released before it aired.
US to be Venezuela's principal business partner
In a post on Truth Social, President Trump wrote that he was told that "Venezuela is going to be purchasing only American-made products with the money they receive from our new oil deal."
"In other words, Venezuela is committing to doing business with the United States of America as their principal partner," Trump added.
Oil producer Chevron is in talks with the US government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, four sources close to the negotiations said on Wednesday.
The talks come as Washington and Caracas advance negotiations to supply up to 50 million barrels of Venezuelan oil to the United States, and as Trump presses American oil companies to invest in the South American country's energy sector.
Chevron is the only US oil major operating in Venezuela, which it does under an authorization from the US government that exempts it from sanctions on the country.
Washington is also pushing to have other US companies involved in oil exports from Venezuela, including refiner Valero Energy, which was a customer of state company PDVSA before sanctions, and majors Exxon Mobil and ConocoPhillips, whose Venezuelan assets were expropriated two decades ago, three separate industry sources said.
Chevron, Valero, Exxon, and Conoco, and the US Treasury Department did not immediately reply to requests for comment.
PDVSA said on Wednesday it was progressing in negotiations with the US for oil exports to the US under commercial terms similar to those in place for its most important joint-venture partner, Chevron.