The United States is moving toward easing more sanctions on Venezuela, a shift that could happen as soon as next week and reshape both Venezuela's struggling economy and global oil markets.

Fast-Tracking Sanctions Relief

Treasury Secretary Scott Bessent revealed to Reuters that the U.S. is preparing to lift additional sanctions to help Venezuela sell oil again. The timing? Potentially within days. Bessent is also planning meetings with leaders at the International Monetary Fund and World Bank to coordinate their re-engagement with the South American nation.

Unlocking Frozen Funds

Here's where things get interesting: Venezuela has nearly $5 billion sitting frozen in IMF Special Drawing Rights. Bessent indicated this money could be tapped to jumpstart the country's economic recovery. "We're de-sanctioning the oil that's going to be sold," he explained during a visit to a Winnebago Industries facility. The Treasury is also working on mechanisms to get proceeds from oil sales back into Venezuela.

When pressed on which specific sanctions might be lifted, Bessent stayed vague, though he confirmed the timeline could be as soon as next week. This push is part of the Trump administration's broader strategy to stabilize Venezuela following the capture of former leader Nicolas Maduro.

Presidential Backing and Big Investment Plans

President Trump signed an executive order on Friday designed to protect Venezuelan oil revenue held in U.S. Treasury accounts, with the stated goal of helping Venezuela achieve "peace, prosperity and stability." Bessent suggested that smaller, privately held oil companies are likely to move quickly into Venezuela's energy sector once restrictions ease.

Trump hasn't been subtle about his ambitions for Venezuela. He's talked openly about overseeing what he calls a "very profitable" rebuild of the oil-rich country, even calling on major U.S. oil companies to pour $100 billion into Venezuela's petroleum infrastructure.

Of course, it's not all smooth sailing. The Senate has taken steps to constrain Trump's military options in Venezuela, highlighting the political complexities surrounding Washington's approach to the crisis.