Wright: US has ‘a lot of leverage’ in Venezuela after oil deal reached

Energy Secretary Chris Wright said on Sunday that the U.S. has “a lot of leverage” over Venezuela after the Trump administration reached a deal with the latter government to grant it control of more than 65 billion barrels of oil.

“We have a lot of leverage over Venezuela. We control the sale of oil outside of their country,” Wright told host Martha Raddatz on ABC’s “ This Week .”

The Energy secretary noted he was not the negotiator on the deal with Venezuelan President Delcy Rodríguez. But Wright still touted the agreement, which grants the U.S. control of roughly 21 percent of Venezuela’s total proven reserves of roughly 303 billion barrels as of 2023.

“Right now, they are forced to work in partnership with us, and they are working in partnership with us,” he told Raddatz. “It’s drawing billions of dollars in investment and it’s transforming that region from a region of conflict to a region of commerce.”

Under the deal, Rodríguez granted a private company — a joint venture between the U.S. government and a private operator, reportedly North American Blue Energy Partners — 100 year “concessions” for oil friends containing 63 billion barrels of proven reserves, a Trump administration official told The Hill.

Rodríguez, who took over for former Venezuelan President Nicolás Maduro after American forces captured him in January, said last month the deal will lead to the development of 17 strategic fields and generate more than $209 billion in tax revenue for her government.

President Trump also said last month the U.S. will “ fill up ” the Strategic Petroleum Reserve, which has more than 30 percent less oil than the start of the year.

Wright said Sunday that Venezuelan oil exports are up 50 percent. But multiple experts told The Hill it could be years before the deal has a meaningful impact on fuel prices in the U.S.

“I think the momentum going [in] that direction, whoever is ruling Venezuela, is quite strong, very, very positive for the … Western Hemisphere,” the Energy secretary added.