US Unveils Strategy on Venezuelan Oil, Spurring Rush for Access

Oil traders and US refiners are rushing to position for access to Venezuelan crude after the Trump administration said it would take control of as much as 50 million barrels, one of the largest unexpected supply flows in years.

The US strategy — announced initially in a late-night social media post Tuesday from President Donald Trump and more details coming Wednesday from Energy Secretary Chris Wright — thrusts the federal government into direct involvement in the international oil market and promises to reinvigorate flows of Venezuelan crude to American refineries after years of sanctions.

The return ...