U.S. Secures Control of 20% of Venezuelan Oil Reserves

U.S. Energy Secretary Chris Wright visited Caracas on September 2 to oversee the signing of energy agreements that grant the United States majority control of over 65 billion barrels of oil. This amount represents approximately 20% of Venezuela's total reserves and is projected to generate US$209 billion for Venezuela over the next 25 years. President Donald Trump characterized the pact as the biggest oil deal in world history.

Wright denied allegations that the U.S. is stealing Venezuelan oil, stating that private companies are providing the capital and technology to develop idle assets while royalties and taxes benefit the Venezuelan government and its people. The deal follows the January ousting of President Nicolas Maduro by U.S. forces.

Interim leader Delcy Rodriguez and U.S. officials stated that democratic elections will be delayed until the country's economy and infrastructure are stabilized. Specifically, officials cited the need to reform the Supreme Court and the electricity sector before holding a vote. Trump noted that the country is not yet ready for elections, citing the transition from a dictatorship.