Venezuela’s oil fields are thousands of miles from the Middle East, but the Trump administration’s growing interest in the country’s crude riches could help reshape an energy order centered on Gulf producers just as the Iran war has exposed its vulnerabilities.
The latest evidence arrived on Sept. 2 when US Energy Secretary Chris Wright traveled to Caracas to oversee a wave of energy deals headlined by Chevron’s plan to invest more than $7 billion over five years and more than double its Venezuelan production.
The announcements by the energy firms came days after the Trump administration unveiled a sweeping arrangement on Aug. 28 giving a private US-backed venture access to Venezuelan oil fields holding some 65 billion barrels of proven reserves. The deal will see the US government take a 35% stake in a joint venture with the firm North American Blue Energy Partners and could involve up to $100 billion in investment, while providing the United States preferential rights to its crude.
The move accelerates Washington’s effort to realign a member of the Organization of Petroleum Exporting Countries firmly within its grip, following the ousting of Venezuela’s former president, strongman Nicholas Maduro, in January and the subsequent expansion of US control over the country’s vast resources.
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