US not ‘stealing Venezuelan oil’, energy secretary insists

US energy secretary Chris Wright addressed rumors that Washington was pilfering Venezuelan crude oil after Caracas approved a major energy pact with its northern neighbor. The US official, who visited Venezuela to seal the deal, sought to allay concerns during interviews with AFP and other media outlets at Caracas airport. The agreement is set to give the US majority control over over 65 billion barrels - approximately 20% - of the world's largest proven oil reserves.

Wright clarified in response to the "stealing Venezuelan oil" headlines that the country's oil reserves are owned by its citizens. Private companies are financing the extraction of the oil, but the profits, including taxes and royalties, will go to the Venezuelan government and its people. The US official emphasized that Washington was merely unlocking an idle underground asset to help develop it for the Venezuelan people.

Wright also stressed the urgent need to improve Venezuela's electricity sector, with much of the nation experiencing daily power outages. He noted that a stable power supply is crucial for the oil industry. The secretary expressed optimism that the existing infrastructure could be revitalized through a five-year plan.

When asked about elections in Venezuela, Trump's administration has rejected calls for a vote, with the US president arguing that the country is not yet ready for democratic proceedings. Wright clarified that elections are a "process" and that reforms, including an overhaul of the Supreme Court, must precede a vote. The secretary stated that the US and Venezuela must stabilize the economy before holding a popular election.