U.S. oil executives and bond investors are urging President-elect Donald Trump to ditch the “maximum pressure” strategy pursued during his first term against Venezuelan leader Nicolás Maduro. Instead, they are advocating a deal that would see an increase in Venezuelan oil imports in exchange for a reduction in migrant influxes to the United States.
This behind-the-scenes lobbying effort comes as Maduro reinforces his authoritarian control by threatening to arrest more opposition activists. These activists continue to challenge the results of the July elections, in which the Maduro regime claimed victory without providing any credible evidence.
A prominent figure in this push is Harry Sargeant III, a billionaire GOP donor and frequent guest at Trump’s Mar-a-Lago club. Sargeant, known for his regular trips to Caracas, is promoting what he and others see as the strategic advantages of negotiating with Maduro rather than trying to remove him from power.
The effort gained visibility last week when a shipment of Venezuelan asphalt, supplied by Global Oil Terminals, a Florida based company founded by Sargeant, arrived at the Port of Palm Beach, a few miles from Trump’s Florida residence. It is the first such shipment since the Trump administration imposed oil sanctions in early 2019. The delivery was made possible by a license granted by the Biden administration, which allowed some U.S. companies to resume limited operations in Venezuela’s oil sector.
Supporters of this policy shift argue that a deal with Maduro could help lower U.S. energy prices while reducing migration pressures. They also point out that such a deal would counter the growing influence of China and Russia in Venezuela, which have expanded their presence after U.S. sanctions blocked American companies from accessing the country’s vast oil reserves.
“It is indisputable that the renewed flow of high-quality, low cost Venezuelan asphalt to the U.S. has been a benefit to the American taxpayer,” said Harry Sargeant IV, president of Global Oil Terminals and son of the company’s founder, referring to the recent shipment of 43,000 barrels of liquid asphalt, which is enough to pave approximately 55 miles of roadway.
He then added, “It has been a blow to our strategic competitors because under sanctions these barrels were turned into heavily discounted fuel oil that simply subsidized the Chinese economy.”
Maduro himself has hinted at the possibility of a reset in relations with Washington. “In his first government, things didn’t go well for us with President-elect Donald Trump,” he said in a recent televised address. “This is a new start, so let’s bet on a win-win.”
Furthermore, according to American businessmen who traveled to Caracas earlier this year and met with Maduro and his inner circle, the Venezuelan leadership had anticipated Trump’s reelection and saw an opportunity to engage with him, much like Trump had with leaders of North Korea and Russia.
Sources familiar with the regime’s strategy suggest that Maduro sees facilitating oil exports to the U.S. and restarting deportation flights, which were halted after negotiations with the Biden administration broke down, as a way to align with Trump’s key policy priorities, including the deportation of Venezuelan migrants.
