US Defends Venezuela Oil Deal Amid Energy Secretary's Visit

Sep 2, 2026

67 min

Sep 2, 2026 04:31

US defends Trump Venezuela oil deal as energy secretary lands in Caracas

## US-Venezuela Oil Agreement

The United States has defended a recent oil deal with Venezuela, which grants the US control over a significant portion of Venezuela's oil reserves. This agreement, backed by Venezuela's National Assembly, is seen as a move to reduce oil prices in the US and counteract Russian and Chinese influence in the region.

## Energy Secretary's Visit

US Energy Secretary Chris Wright has arrived in Caracas to finalize the agreement. The deal is expected to be signed soon, with Chevron planning a major expansion in Venezuela. President Trump has emphasized the importance of this deal in stabilizing gas prices, especially amid rising tensions in the Middle East.

## Controversial Aspects

The agreement involves North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt, who has been linked to past corruption. The US government will hold a 35% stake in NABEP, with US citizens making up the majority of its board. This setup aims to curb corruption and prevent Venezuela from supplying oil to allies like Cuba.

## Political Reactions

While some Venezuelan lawmakers have expressed concerns about the deal's transparency, others, including National Assembly chief Jorge Rodriguez, argue that the agreement will benefit the Venezuelan economy. The deal has also received support from Venezuela's Defense Minister, who views it as a step towards economic cooperation and peace.

Read the full story at the source

What you need to know to get Emirates ID?

Leave your details and get a guide as a gift to avoid mistakes

Article contents

LinkedIn X Facebook WhatsApp Telegram