New Delhi, Jan. 8 -- US Energy Secretary Chris Wright said on Thursday (January 8) that Washington will not allow China to gain huge control over Venezuela as the United States moves to take charge of Caracas's oil sector - a shift with major implications for global markets and geopolitical competition.

Wright stressed that there can still be commerce with China and that President Donald Trump wants peaceful relationships going forward, even as the US redirects Venezuela's oil flows toward American and allied interests.

Wright announced on Wednesday (January 7) that Washington will oversee the sale of Venezuelan crude oil indefinitely.

"We're going to market the crude coming out of Venezuela, first this backed-up stored oil, and then i...