US not ‘stealing Venezuelan oil,’ energy secretary insists amid multi‑billion‑dollar pact with Caracas

CARACAS, September 3 — US Energy Secretary Chris Wright firmly denied allegations that the United States is "stealing Venezuelan oil" following Venezuela's agreement to grant Washington access to vast reserves of its natural resources. Wright, who traveled to Venezuela to sign a series of energy deals worth billions of dollars, addressed critics in interviews with AFP and other outlets at Caracas airport.

Under the accord, the United States is set to take majority control of over 65 billion barrels of oil, accounting for nearly 20 percent of Venezuela's proven reserves, which hold the world's largest such reserves. Caracas estimates the pact will generate US$209 billion (RM843 billion) over a 25-year period.

Wright dismissed the "stealing" claim, stating, "I've seen those headlines. 'We're stealing Venezuelan oil.' Of course, that's not true at all." He emphasized that "the oil in Venezuela is indeed owned by the people of Venezuela." Private companies are investing money to extract the oil, but royalties and taxes from the profits will go to the Venezuelan government and people.

The primary objective, Wright explained, is to revitalize the idle, underground oil assets and bring in the necessary technology to develop them for the Venezuelan populace.

In addition to oil extraction, Wright highlighted the urgency of addressing Venezuela's electricity sector, which frequently suffers from extended power outages. He stressed that both the electricity and oil sectors are interconnected, both requiring electricity to function. He expressed optimism about the existing infrastructure in Venezuela that could be restored using a five-year plan.

When asked about the recent US President Donald Trump's characterization of the pact as "the biggest oil deal in world history," Wright acknowledged the deal's significance. He rebuffed calls for elections in Venezuela, arguing that the country was not yet prepared. Trump had earlier expressed his doubts about the readiness of the interim government led by Vice President Delcy Rodriguez to hold a democratic election.

Wright clarified that elections were a "process," pointing out that necessary reforms, including an overhaul of Venezuela's Supreme Court, must first take place. He reiterated that the election plan had not changed, stating that the focus should be on stabilizing the country and its economy before proceeding with a popular vote.