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 following Venezuela's recent agreements to grant access to its vast oil reserves. During his meeting with Venezuela's acting president Delcy Rodriguez in Caracas, Wright sought to dispel the claims made in headlines suggesting the US was engaged in oil theft. He emphasized that the oil belongs to the people of Venezuela and that private companies are investing money to develop and produce the resource.

Wright highlighted the importance of revitalizing Venezuela's electricity sector, noting that much of the country experiences frequent power outages, which are crucial for the functioning of the oil industry. He stressed that both the oil sector and electricity sector are interdependent and that the US is optimistic about reviving the electricity infrastructure under a five-year plan.

US President Donald Trump described the deal as the "biggest oil deal in world history," while Wright acknowledged that the US is preparing to take majority control of over 65 billion barrels of oil, which constitute approximately 20% of Venezuela's proven reserves. The accord is expected to generate $209 billion in earnings over the next 25 years.

The US leader also dismissed calls for immediate elections in Venezuela, stating that the country and its economy need stabilization before a popular vote could be held. Wright emphasized that reforms, including an overhaul of Venezuela's Supreme Court, are necessary prerequisites before elections can take place.