US not 'stealing Venezuelan oil', energy secretary insists

US Energy Secretary Chris Wright has firmly denied allegations that the United States is stealing Venezuelan oil, emphasizing that the benefits of the oil, including royalties and taxes, remain solely with the Venezuelan government and its people. During a visit to Caracas to sign a series of energy deals worth billions of dollars, Wright sought to quell criticism and explain the true nature of the arrangement.

The US government is set to gain control over over 65 billion barrels of oil, which accounts for nearly 20% of Venezuela's proven reserves, valued at a potential US$209 billion over the next 25 years. Wright clarified that private oil companies are being paid to produce the oil, but the profits are directed back to Venezuela and its residents. He stressed that their role is merely to inject capital and technology to develop this previously idle resource.

Wright also highlighted the need to address Venezuela's ongoing electricity crisis, with many parts of the country facing daily power outages, which is crucial for the oil sector's operation. He expressed confidence in the existing infrastructure in Venezuela, believing it can be revived under a five-year plan.

Meanwhile, US President Donald Trump has hailed the deal as the "biggest oil deal in world history," while the US leader earlier dismissed calls for elections in Venezuela, stating that the interim government and opposition need time to prepare. Wright reiterated that elections are a process and cannot be rushed, emphasizing that Venezuela must first stabilize its infrastructure before proceeding with a popular vote.