U.S. defends oil deal as necessary step toward elections in Venezuela

The United States is defending its oil agreement with Venezuela’s interim government as part of the groundwork for future democratic elections, not simply as a deal to secure oil supplies.

A senior U.S. official, speaking anonymously, said Washington wants any government chosen through voting to inherit an economy that has been stabilized and can continue functioning. Under the agreement, part of the revenue generated by oil activity would return to the recovery and modernization of Venezuela’s energy industry.

The official said Washington has not set a date for free elections. An immediate vote, the official argued, would not by itself resolve Venezuela’s institutional problems. The electoral system still needs changes, including a new electoral authority, free media and stronger political organizations.

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We want a new government of Venezuela, a democratically elected government of the republic, to inherit not a bankrupt country, but one that at least has been stabilized and is functioning

The official cited Nicaragua as a warning about holding elections before institutions can protect democratic continuity. The goal, the official said, should be a stable republic capable of holding elections repeatedly, rather than a country focused on one or two votes.

The agreement, announced a week earlier, would give U.S. companies access to a substantial share of Venezuela’s oil reserves, described as roughly one-fifth of the country’s total. That provision has drawn criticism from sectors that say Washington’s policy toward Caracas places energy interests ahead of political transition. The U.S. official rejected that interpretation and said the agreement serves broader objectives.

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One of the most important things is to ensure that the country is not limited to one or two elections, but becomes a stable democracy, a stable republic that can hold elections recurrently