US Energy Secretary Wright affirmed that the US did not 'steal' Venezuelan oil, the benefits belong to Caracas and its people

Energy Secretary Wright said Washington did not "steal" Caracas' oil, because the benefits belong to the Venezuelan government and people.

"I've seen headlines like 'The US is stealing Venezuela's oil'. Of course, that's completely untrue," US Secretary of Energy Chris Wright said on September 2, emphasizing that "oil in Venezuela really belongs to the Venezuelan people".

Mr. Wright explained that American private companies invest capital to exploit oil, but all benefits, money from mining rights and taxes belong to the government and people of Venezuela.

"All we do is take advantage of a resource that is lying underground, which has not brought any benefit to the Venezuelan people, and put capital and technology into exploiting it," the US Secretary said.

Mr. Wright emphasized the importance of improving Venezuela's electricity sector, as much of the country is suffering from power outages that last for hours every day. He added that the oil and gas industry also needs electricity to operate.

"It takes both," he said, expressing optimism based on Venezuela's existing electricity infrastructure, which he believes can be restored within the framework of a five-year plan.

The US is expected to take majority control of more than 65 billion barrels of oil, equivalent to nearly 20% of oil reserves, in Venezuela. Caracas is forecast to earn $209 billion within 25 years from this deal.

US President Donald Trump described the deal as "the largest oil deal in world history". Previously, US leaders rejected calls to hold elections in Venezuela, saying that the country was "not ready". Mr. Trump also praised the "very good" relationship with the current Venezuelan government.

Venezuela's interim President Delcy Rodriguez also echoed the US President's view, saying that elections will take place when "Venezuela is ready".

The US conducted a raid on the capital Caracas and arrested Nicolas Maduro in early January on drug-related charges. The Venezuelan President denies the accusations and his trial is expected to begin on June 1, 2027 if the attempt to dismiss the case fails.

Immunity from prosecution at home for a country's current leader is a long-standing principle in international law and is considered a cornerstone of diplomacy. However, legal experts say that it is difficult for Mr. Maduro to achieve this because Washington has not recognized him as Venezuela's president since 2019.