US rejects claims it is ‘stealing’ Venezuelan oil

Caracas: US Energy Secretary Chris Wright on Wednesday denied accusations that the United States was "stealing" Venezuelan oil following Venezuela's granting of access to numerous natural resources to its northern neighbor. Wright, who visited Venezuela to witness the signing of several energy agreements worth billions of dollars, addressed concerns expressed in interviews with AFP and other media outlets at the country's airport.

Also Read: US energy chief says Venezuela oil output to more than double in next few years

The US government is set to assume control of over 65 billion barrels of oil, approximately 20 percent of Venezuela's proven reserves, which are the world's largest. Caracas anticipates $209 billion in earnings over 25 years from the arrangement. Wright emphatically stated, "That's not true at all." He clarified that the oil belongs to the Venezuelan people, with private companies investing capital to extract it, while the government and citizens of Venezuela benefit through royalties and taxes.

His primary objective was to utilize the previously unproductive oil reserves to generate income and technological advancements for the Venezuelan populace.

Wright emphasized the critical need to rectify Venezuela's electricity infrastructure, as many regions experience prolonged power outages daily. He noted that the oil sector also depends on electricity to operate, implying that progress in this area is crucial. Additionally, Wright highlighted the importance of resolving the electricity issue due to its interdependence with the oil sector.

The US president has labeled the energy pact as the most significant oil deal in world history, although Trump earlier dismissed calls for elections in Venezuela, asserting that the country was not yet prepared. Wright clarified that elections are a process, requiring reforms such as an overhaul of Venezuela's Supreme Court before proceeding. He reiterated that the plan for elections remains unchanged; the focus is on stabilizing the country and its economy before organizing a popular vote.