US Energy Chief Clarifies Venezuela Oil Stance
U.S. Energy Secretary Chris Writ denied that Washington is seeking to steal Venezuelan oil after signing an agreement that allows the United States to exploit 20% of the country's reserves, which are estimated to exceed 65 billion barrels. Venezuela has hopes of reaping benefits worth $209 billion over the next 25 years from this deal. He emphasized that the oil resources belong to the Venezuelan people and that what the United States is doing is an unexploited form of exploitation aimed at sharing revenues, while also providing funds and technology to develop the oil sector and achieve economic and political stability in the country. Contracts have also been signed with international companies to rehabilitate the electricity grid. Writ highlighted the importance of reforming the electricity sector to ensure the continuous production of oil, and he stressed that electoral reforms require preparing lists and strengthening civil institutions to achieve stability.
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