US not ‘stealing Venezuelan oil,’ energy secretary insists

According to Business Recorder, US Energy Secretary Chris Wright dismissed on Wednesday claims that Washington was taking Venezuelan oil improperly. His remarks followed Caracas granting its northern neighbour access to a large share of its natural resources. Wright travelled to Venezuela to supervise energy agreements collectively worth billions of dollars.

In comments to AFP and other outlets at Caracas airport, Wright said the oil is owned by Venezuelans, while private companies supply the capital and technology needed to produce it. Royalties and taxes, he added, will flow to the Venezuelan government and people. He called the reserves an idle underground asset that currently brings nothing to ordinary Venezuelans.

Under the accord, the United States is set to take majority control of over 65 billion barrels, almost 20 percent of Venezuela's oil, a country that holds the largest proven reserves on earth. Caracas expects to earn $209 billion over 25 years under the agreement. Wright also stressed the need to repair Venezuela's electricity network, where residents often endure power cuts lasting hours each day, because oil production also relies on power. He believes existing power infrastructure could be brought back into service under a five-year plan.