US and Venezuela sign major oil deals as Washington expands influence in Caracas

US Energy Secretary Chris Wright has visited Caracas to sign major oil agreements with the Venezuelan government as Washington seeks a greater role in the country’s energy sector.

The agreements are described as giving US interests control over a significant share of Venezuela’s oil reserves and increasing US involvement in 17 oil fields.

Supporters say the deals could help stabilise oil supplies and prices while reducing the role of Chinese and Russian companies in Venezuela’s energy industry.

Venezuelan Interim President Delcy Rodriguez described the agreements as historic.

But the deals have also raised questions over Venezuelan sovereignty, US interests and who will ultimately benefit from the country’s vast oil resources.

The report examines the political and economic implications of the agreements and the changing balance of influence over Venezuela’s oil industry.

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