{
  "id": 79184,
  "title": "Energy Dept. draws fire for slow pace of Venezuelan oil deals",
  "url": "https://urgent.news/2026/08/03/energy-dept-draws-fire-for-slow-pace-of-venezuelan-oil-deals",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-03T09:00:07.000Z",
  "source": {
    "name": "Axios",
    "slug": "axios",
    "url": "https://www.axios.com/2026/08/03/energy-department-venezuela-oil-deals"
  },
  "original_language": "en",
  "account": "Nearly eight months after President Trump had predicted U.S. companies would \"rapidly rebuild Venezuela's dilapidated oil industry,\" no new petroleum deals have been finalized with American firms. The U.S. Department of Energy (DOE) is largely to blame, according to a dozen oil industry professionals, senior U.S. officials, and Venezuela insiders cited by Axios. The absence of finalized deals in Venezuela is a major concern, given the country's status as a global leader in estimated petroleum reserves.\n\nThe DOE and its defenders argue that the criticisms are misleading and unfair. However, the situation is complicated by divisions within the Trump administration and the oil industry. Major global firms, such as Exxon and ConocoPhillips, were hesitant to return to Venezuela due to uncertainty, while smaller independent firms, known as \"wildcatters,\" were eager to get involved. The Energy Department, with relatively little experience in international oil industry contracting, advocated for a slower process and collaboration with Caracas, while the more cautious bureaucrats within the department clashed with those in the White House's National Energy Dominance Council (NEDC) who were advocating for the wildcatters.\n\nThe situation was further complicated by two earthquakes that struck Venezuela in June, causing significant damage and rising discontent. Trump's former top adviser in Venezuela, Mauricio Claver-Carone, accused the DOE of favoring major oil companies over wildcatters. The Energy Department has defended its actions, stating that they have worked to improve Venezuela's hydrocarbon law and advocated for legitimate U.S. wildcatters. However, some industry insiders express concerns that some of the imminent deals might involve new companies with no track record and potential links to China or corrupt insiders.",
  "summary": "Nearly eight months after President Trump predicted U.S. companies would \"rapidly rebuild Venezuela's dilapidated oil industry\" to boost production, no new petroleum deals have been finalized there with American firms. The U.S. Department of Energy is largely to blame, a dozen oil industry professionals, senior U.S. officials and Venezuela insiders tell Axios. Why it matters : The price of oil is…",
  "key_points": [
    "Nearly eight months since Trump's prediction of rapid U.S. oil deals in Venezuela",
    "DOE criticized for slow pace of finalized petroleum agreements",
    "Earthquakes in June exacerbated tensions between DOE and White House's NEDC"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}