The United States is due to take majority control of more than 65 billion barrels -- almost 20 percent -- of oil in Venezuela, which holds the largest proven reserves in the world.
View of the refinery El Palito in Puerto Cabello, Carabobo state, Venezuela on January 22, 2026.
US Energy Secretary Chris Wright on Wednesday dismissed claims that Washington was "stealing Venezuelan oil" after the South American nation granted its northern neighbor access to a huge chunk of its natural resources.
Wright, who traveled to Venezuela to oversee the signing of a series of energy deals worth billions of dollars, sought to dispel criticism in comments made to AFP and other outlets at Caracas airport.
The United States is due to take majority control of more than 65 billion barrels -- almost 20 percent -- of oil in Venezuela, which holds the largest proven reserves in the world.
Caracas has projected earnings of $209 billion over 25 years from the accord.
"I've seen those headlines. 'We're stealing Venezuelan oil.' Of course, that's not true at all," Wright said, adding that "the oil in Venezuela is indeed owned by the people of Venezuela."
"Private companies are bringing the money to produce the oil, but the benefits, the royalties and the taxes all go to the government of Venezuela and the people of Venezuela," he said.
"All we're doing is taking an idle, underground asset that isn't doing anything for Venezuelan people and bringing the money, the technology to develop it."
Wright also stressed the importance of fixing Venezuela's electricity sector, with much of the country enduring hours-long power cuts on a daily basis.
The oil sector also needed electricity to function, he added.
"You need them both," he said, voicing optimism given the "existing (electricity) infrastructure" in Venezuela that he believes can be put to use again under a five-year plan.
- Elections a 'process' -
US President Donald Trump has described the pact announced Friday as "the biggest oil deal in world history."
The US leader earlier Wednesday rebuffed calls for elections in Venezuela, amid high hopes that Washington-backed talks between the interim government and parts of the opposition might lead to a democratic ballot.
"I just don't think they're ready yet. You know, it's very new. We took them out of a dictatorship, and we're getting along great with the government," he said.
US forces ousted Venezuelan president Nicolas Maduro in January, and Maduro's former vice president Delcy Rodriguez has been governing on an interim basis ever since.
Rodriguez, who effectively rules under Trump's thumb, echoed that elections would take place when "Venezuela is ready."
Wright sought to clarify that elections were a "process," pointing out that reforms including an overhaul of Venezuela's Supreme Court were necessary first.
"The plan for elections has not changed at all. It's to continue to get the infrastructure ready and have elections at the appropriate time," he said.
The secretary said the country and its economy had to be stabilized before a popular vote could occur.
"You don't want to wait, sit on your hands for whatever time it takes to get through elections," he said.
