US Energy Secretary Chris Wright has rejected allegations that the United States is “stealing Venezuelan oil,” following a major energy agreement between Washington and Caracas.
Wright made the comments on Wednesday after travelling to Venezuela to oversee the signing of several energy deals worth billions of dollars.
Under the agreement, US companies are expected to gain majority control over the development of more than 65 billion barrels of Venezuelan oil, representing nearly 20 per cent of the country’s reserves. Venezuela has projected that the deal could generate about $209 billion in revenue over 25 years.
Wright argued that the oil remains the property of the Venezuelan people, saying private companies would provide the investment and technology needed to develop the resources, while royalties and taxes would go to the Venezuelan government.
He also highlighted the need to restore Venezuela’s struggling electricity sector, noting that frequent power outages are affecting both households and the oil industry.
Meanwhile, US President Donald Trump has described the agreement as “the biggest oil deal in world history.”
Trump also said Venezuela was not yet ready to hold elections, despite calls for a return to democratic voting.
Wright said elections remained part of the plan but stressed that Venezuela first needed political and economic reforms, including changes to its Supreme Court and the stabilisation of the country’s economy.
He said preparations for elections would continue and that voting would take place “at the appropriate time” once the necessary institutions and infrastructure were ready.
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