US Defends Trump’s Venezuela Oil Deal as Energy Secretary Arrives in Caracas
Translated from English and summarized by DistantNews. Read the original for the full story.
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- US officials defended a multibillion-dollar oil agreement with Venezuela that gives Washington control of about one-fifth of the country’s reserves.
- Venezuela’s National Assembly backed the deal, while some opposition lawmakers abstained because they had not seen the written terms.
- Energy Secretary Chris Wright arrived in Caracas before the planned signing, as Chevron prepared to announce an expansion and the Trump administration sought to ease rising fuel prices.
The Trump administration is presenting its oil agreement with Venezuela as a way to lower prices for Americans and push back against Russian and Chinese influence near the United States.
Venezuela’s government-dominated National Assembly backed the multibillion-dollar deal on Tuesday. The agreement gives the United States control of about one-fifth of Venezuela’s oil reserves and preferential access to 17 fields. It also involves taking over facilities previously run by Russian and Chinese companies.
We are unleashing American Energy Dominance!
Energy Secretary Chris Wright arrived in Caracas late Tuesday, with the agreement’s signing scheduled for Wednesday. Chevron is expected to announce a major expansion in Venezuela on the same day. President Donald Trump had met oil executives at the White House as his administration sought to contain gasoline prices, which have been rising amid the war with Iran.
Essentially, this is now an agreement with the US government, specifically involving the Defense Department, which holds a special account allowing it to take possession of a certain percentage of these assets.
Secretary of State Marco Rubio said in a Spanish-language interview that a private company was working with the United States to “normalize the Venezuelan economy.” He said the agreement involved the US government, specifically the Defense Department, which holds a special account allowing it to take possession of a percentage of the assets. With US support, the company would increase production and attract private investment to develop the fields.
Some opposition lawmakers abstained from the National Assembly’s show-of-hands vote, saying they needed to see the fine print. “We need and are obliged to know what is written in the fine print,” opposition lawmaker Luis Emilio Rondon said. Assembly leader Jorge Rodriguez argued that the deal’s money would benefit Venezuelans, asking, “Who benefits from this oil if it stays underground?”
We need and are obliged to know what is written in the fine print.
Defense Minister Gustavo Gonzalez Lopez endorsed the agreement as “prosperity and well-being for the country.” He said turning a political dispute into economic cooperation represented a choice for peace rather than subordination. The deal has also drawn controversy because of the involvement of Venezuelan businessman Alejandro Betancourt, who has been linked to questionable dealings under the late Hugo Chavez’s socialist government.
Who benefits from this oil if it stays underground?
About this summary
Originally published by Asharq Al-Awsat in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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