Washington/IBNS, Jan. 8 -- The Trump administration has announced plans to take control of future Venezuelan oil sales and hold the proceeds in US-based accounts, signalling a major shift in Washington's strategy toward the crisis-hit South American nation.

Energy Secretary Chris Wright made the disclosure while speaking at a Goldman Sachs conference in Miami on Wednesday.

He added that Washington intends to manage Venezuelan oil exports on an ongoing basis.

"We're going to market the crude coming out of Venezuela," Wright said. "First this backed-up stored oil, and then indefinitely going forward we will sell the production."

President Donald Trump said Venezuela would hand over up to 50 million barrels of oil for the US to sell, an ...