The president in charge of VenezuelaDelcy Rodríguez, assured this Wednesday that the energy agenda with the US is emerging as the “engine of the bilateral relationship.”
This statement was made after meeting in Caracas with the US Secretary of Energy, Chris Wright, in the context of a visit considered “historic” by both governments.
Rodríguez stressed that diplomatic and political dialogue, along with oil, gas and electricity projects, are “the appropriate and relevant channels” to advance a relationship that has been broken since 2019. “This agenda, in addition to being productive, will be above all beneficial for both countries,” he said at the end of the meeting at the Miraflores Palace.
Wright’s arrival in Caracas marks the highest-ranking visit by a US official in nearly three decades. The Department of Energy described the trip as “historic,” and highlighted that the secretary will tour oil fields to observe how the Energy Agreement promoted by President Donald Trump “is bringing peace and prosperity.”
The visit takes place just over a month after the capture of former President Nicolás Maduro by US special forces and the swearing-in of Rodríguez as interim president, in an overwhelming scenario of legal reforms and relaxation of sanctions that seek to reactivate the Venezuelan oil industry.
Wright relayed a direct message from Trump: “The president is fervently committed to transforming Venezuela and bringing trade, peace, prosperity, jobs and opportunity to the Venezuelan people.”
The official highlighted that the licenses recently issued to relax sanctions will allow US companies to operate in Venezuela and local companies to acquire supplies, generate income and create jobs. “We want to free the Venezuelan people and the economy,” he asserted.
Oil reform and opening to investment
The Rodríguez-Wright meeting occurs after the promulgation of the partial reform of the hydrocarbons law, signed by the interim president on January 29.
Understood by its critics as a denationalization of Venezuelan oil wealth, the new regulations reduce state control over operations, give private companies management of the production and sale of crude oil, and allow independent arbitration in disputes, a key change to attract foreign investment.
Rodríguez insisted that the legislation reaffirms national sovereignty over energy resources, although it opens the door to the participation of international companies. “The deposits will continue to be property of the Venezuelan State,” he stated.
Wright assured that, if both countries work together, “this year we can greatly increase the production of oil, natural gas and electrical energy.” The goal is to generate more employment opportunities and improve the quality of life of Venezuelans, while benefiting the United States and the Western Hemisphere.
Wright’s agenda includes meetings with executives from Chevron and Repsol, as well as visits to projects such as Petropiar, in the Orinoco Belt, the country’s main oil region.
Venezuela managed to recover its crude oil production to close to one million barrels per day, after the decision of the state-owned Petróleos de Venezuela (PDVSA) to reverse most of the cuts applied both in its own fields and in joint companies in the Orinoco Belt, according to industry sources cited by Reuters and replicated by Infobae.
The rebound is mainly due to the gradual restart of projects that had been slowed or paralyzed by the restrictions imposed in December. Those measures left millions of barrels without the possibility of export, accumulated in land tanks and in anchored vessels, forcing PDVSA to preventively reduce production due to the lack of capacity to ship shipments.
At full speed, Venezuela approves generous oil reform that opens doors to foreign capital
Chávez, the reforms
The energy relationship between Caracas and Washington has gone through multiple chapters. In 2006, the late President Hugo Chávez pushed for nationalist reforms that forced foreign oil companies to partner with PDVSA under unfavorable conditions.
In this context, companies such as ExxonMobil and ConocoPhillips left the country, while Chevron agreed to create joint ventures.
The new reform seeks to reverse this mistrust, offering legal certainty and regulations adapted to international standards. Investors consider the participation of independent arbitrators to be crucial to avoid future expropriations.
Trump wants to corner Russia
Analysts point out that Wright’s visit to Caracas reflects Washington’s long-term geostrategic interest in Venezuelan oil, at a time when the United States seeks to reshape global energy markets and put pressure on Russia, one of the world’s largest crude oil producers and exporters.
According to expert Thomas O’Donnell, Trump’s strategy aims to consolidate a “doctrine of American energy dominance” that could, if necessary, displace Russia from the market.
Today, Russian oil remains a major player in the world market, although its share has decreased compared to previous years due to sanctions and trade restrictions.
According to the International Energy Agency (IEA) Oil Market Report for January 2026, Russia contributes about 11% to 12% of global crude oil supply. With this, it remains one of the three main exporters, along with Saudi Arabia and the United States, according to the most recent report of the entity.
