US Energy Chief Denies Washington Is ‘Stealing Venezuelan Oil’

US Energy Secretary Chris Wright has dismissed accusations that the United States is “stealing Venezuelan oil” after Venezuela agreed to give US interests access to a major portion of its natural resources.

Wright spoke on Wednesday at Caracas airport after arriving in Venezuela to supervise the signing of several multibillion-dollar energy deals.

The agreements will give the United States majority control of more than 65 billion barrels of Venezuelan oil, equivalent to almost 20 per cent of the country’s oil resources. Venezuela possesses the world’s largest proven oil reserves.

The Venezuelan government has estimated that the deal could generate $209 billion in earnings over a 25-year period.

Responding to criticism of the agreement, Wright said the description of the arrangement as theft was inaccurate.

“I’ve seen those headlines. ‘We’re stealing Venezuelan oil.’ Of course, that’s not true at all,” he said.

Wright maintained that the oil itself remains the property of the Venezuelan people, while private companies would provide the investment and expertise needed to produce it.

“Private companies are bringing the money to produce the oil, but the benefits, the royalties and the taxes all go to the government of Venezuela and the people of Venezuela,” he said.

“All we’re doing is taking an idle, underground asset that isn’t doing anything for Venezuelan people and bringing the money, the technology to develop it.”

Beyond oil production, Wright said restoring Venezuela’s electricity system was a major priority, noting that much of the country continues to experience daily power cuts lasting several hours.

He said the oil industry also depends on a functioning electricity system.

“You need them both,” he said, expressing confidence that Venezuela’s “existing (electricity) infrastructure” could be restored and used under a five-year plan.

Trump rejects immediate election calls

Meanwhile, President Donald Trump has called the agreement “the biggest oil deal in world history.”

Trump also pushed back against calls for elections in Venezuela, saying the country was not yet ready for an immediate vote.

“I just don’t think they’re ready yet. You know, it’s very new. We took them out of a dictatorship, and we’re getting along great with the government,” he said.

US forces removed President Nicolas Maduro from power in January, with his former vice president, Delcy Rodriguez, subsequently taking charge of the country on an interim basis.

Rodriguez has said elections would be held when “Venezuela is ready.”

Wright described the path to elections as a “process,” saying Venezuela first needs reforms such as an overhaul of its Supreme Court.

“The plan for elections has not changed at all. It’s to continue to get the infrastructure ready and have elections at the appropriate time,” Wright said.

He added that stabilising Venezuela’s political environment and economy was necessary before a popular vote could be conducted.

“You don’t want to wait, sit on your hands for whatever time it takes to get through elections,” he said.

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