← Videos · Energy & Permitting

Secretary Wright and Secretary Rubio Lay Out Venezuela Oil Plan on Fox Business

January 8, 2026 · U.S. Department of Energy · 0:21:41

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Secretary of State Marco Rubio, in remarks excerpted at the top of the Fox Business segment, said the United States is about to execute a deal to take all the oil stuck in Venezuela — between 30 and 50 million barrels — sell it in the marketplace at market rates rather than the discounts Venezuela was getting, and control how the money is dispersed so it benefits the Venezuelan people, not corruption or the regime, according to the segment. Rubio said the U.S. quarantine, under which two more ships were seized that day, gives Washington its strongest leverage, as stated in his remarks.

Energy Secretary Chris Wright told Maria Bartiromo he had met with oil executives in Miami the day before and that the President would meet executives about Venezuela the next day, according to the interview. Wright said 25 years of prior policy failed as Venezuela spiraled, exported 8 million citizens, replaced oil revenue with drug running and partnered with Russia and Iran; he said Maduro refused constructive negotiations, was indicted in a 25-page unsealed indictment, and was extracted in a military operation, and that interim authorities are now choosing to work with the United States, as stated in his remarks.

Wright said oil prices are down more than 20 percent since President Trump’s election and that the President wants oil around $50 a barrel, according to the interview. He said Chevron, ExxonMobil and ConocoPhillips executives all offered help immediately, that Chevron has operated in Venezuela for over a hundred years, and that interest in the White House meeting was so high the biggest problem was companies disappointed not to be invited, as stated in his remarks. He also said the United States will not allow Venezuela to become a client state of China, while peaceful commerce with China can continue, according to the interview.

Why it matters

The Bartiromo interview is the most detailed early public blueprint of the Venezuela oil arrangement — volumes, market-rate sales, U.S.-controlled proceeds and an industry meeting at the White House.

Sources: U.S. Department of Energy, “Secretary Wright Joins Fox Business’ Maria Bartiromo - January 8, 2026”, 2026-01-08 (official upload, embedded above; published 2026-01-08). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.