U.S. Energy Secretary Chris Wright flew into Caracas Tuesday night to nail down the final terms of a historic oil agreement between the United States and Venezuela, one that hands America control of more than 65 billion barrels of proven Venezuelan reserves.
Wright announced his arrival on social media: “Just touched down in Venezuela. President Trump’s energy diplomacy is delivering results — advancing new energy deals, opening the door for American companies, and strengthening energy security across our hemisphere.”
“American energy leadership is back thanks to President Donald Trump,” he added.
This is Wright’s second trip to Venezuela this year, following the arrest of deposed socialist dictator Nicolás Maduro. Venezuela’s Foreign Ministry says he was greeted on landing by Hydrocarbons Minister Paula Henao and U.S. Chargé d’Affaires John Barrett. The regime has not released further details of his Caracas agenda.
Speaking with reporters Tuesday night, Wright said the investment deals will bring “peace, opportunity, and prosperity” to both Venezuelans and Americans. According to AFP, he said “several deals” would be formally announced Wednesday.
“This is rejoining the partnership between the United States and the people of Venezuela.”
The trip comes days after President Trump unveiled the agreement, which grants the U.S. control of the massive reserve figure. Venezuela’s Acting President Delcy Rodríguez publicly thanked Trump and Secretary of State Marco Rubio during a televised address Sunday, calling the deal a path toward turning Venezuela into an energy “powerhouse.”
No Government Takeover, Wright Says
In a Wednesday morning interview with CNBC, Wright said the deal will not push aside private companies. He stressed the arrangement benefits American taxpayers through discounted oil and access to “enormous reserves,” and clarified that Washington will not be the operator or producer — the deal runs between the U.S. government and a Venezuelan company that will develop the resources.
Wright reaffirmed his prior forecast that Venezuelan oil production will climb 50 percent within 12 to 18 months of Maduro’s arrest.
“I stand by that prediction. Today, it’s over 1.2 million barrels a day. I think we’ll be well over a million and a half barrels a day by the first half of next year. And Venezuelan production will be over two million barrels a day by the end of this decade. So, a lot of growth in Venezuelan oil production. This is downward pressure on oil prices globally.”
Wright noted that Venezuela was the world’s largest oil exporter when U.S. refineries were built to run on Venezuelan crude in the 1960s and 1970s. He told CNBC that Trump’s broader goal in the hemisphere is restoring peaceful relations after decades of turmoil.
“But he [Trump] is iconoclastic. And I think we are seeing an absolutely historic transformation of both Venezuela and the relations between Venezuela and the United States.”
In a separate Bloomberg interview Wednesday morning, Wright said the U.S. will demonstrate the prospect of economic growth in Venezuela and bring the two nations together after 25 years of socialist corruption, poverty, and roughly eight million people fleeing the country. He said an increase in Venezuelan oil output is both a win for Venezuela and a “massive” win for American energy buyers.
Venezuelan outlet El Nacional, citing an unnamed U.S. government official, reports Wright’s visit will also include California-based Chevron signing a new contract in Venezuela’s Orinoco Belt, home to the bulk of the country’s oil reserves.
