US not ‘stealing Venezuelan oil,’ energy secretary insists

US Energy Secretary Chris Wright firmly denied accusations that the United States was "stealing Venezuelan oil" following Venezuela's recent agreement to grant Washington control over vast oil reserves. During a visit to Caracas to sign energy deals worth billions of dollars, Wright addressed criticisms via AFP and other outlets, emphasizing that the oil truly belongs to the Venezuelan people.

The United States is set to obtain majority control over more than 65 billion barrels - nearly 20 percent - of Venezuela's oil, which boasts the world's largest proven reserves, with Caracas projecting $209 billion in earnings over 25 years. Wright explained that private companies finance the extraction of oil, with the benefits going directly to the Venezuelan government and citizens.

He stressed the importance of repairing the nation's electricity sector, as many regions experience daily power outages. Wright also shared optimism about using Venezuela's existing electricity infrastructure through a five-year plan. Despite US President Donald Trump describing this pact as the "biggest oil deal in world history," Wright reiterated that elections in Venezuela were merely a "process," with necessary reforms, including an overhaul of the Supreme Court, required before a democratic vote could take place.