Venezuela Joins G20 Energy Talks to Finalize U.S. Oil Deals

The Government of Venezuela is participating in the G20 Ministerial Meeting on Energy Abundance in Houston from September 14 to 16, 2026. Although not a G20 member, Venezuela was invited by the Trump administration to engage with U.S. secretaries and industry leaders. The White House expects new oil agreements to be finalized by Wednesday as WTI crude prices reach $105.83 per barrel and U.S. diesel prices hit a record $6.27 per gallon.

These talks follow a comprehensive agreement signed by Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth. Under the deal, North American Blue Energy Partners (NABEP) gained 100-year rights to 17 Venezuelan oil fields containing an estimated 65 billion barrels. NABEP has committed up to $100 billion for infrastructure, while the U.S. government secured a 35% stake in NABEP's parent company and the right to purchase 20% of future output at production cost.

Led by Minister of Hydrocarbons Paula Henao and PDVSA Executive Vice President Jovanny Martínez, the Venezuelan delegation is seeking foreign capital to leverage the nation's status as the holder of the world's largest proven crude oil reserves. U.S. Interior Secretary Doug Burgum framed the invitation as a geopolitical shift toward the Western Hemisphere, while the presence of a Russian delegation at the forum has caused friction with European allies.