In a remarkable statement reflecting a radical shift in relations between Washington and Caracas, US President Donald Trump announced that Venezuela has begun to reap huge financial returns not seen in many years, stressing that “oil has begun to flow” abundantly, which promises significant positive repercussions for the Venezuelan people and the global economy.
Speaking about recent developments, Trump praised the current level of coordination, describing relations with Venezuela’s interim president as “very good,” and asserting that the current state of bilateral relations is “exceptional” compared to previous years of estrangement and tension.
A historic visit that will shape energy policy
The US president's remarks coincided with a high-level visit by US Energy Secretary Chris Wright to the Venezuelan capital, where he held a series of intensive meetings with senior officials and energy executives. This visit marks the most significant by a high-ranking US official to Venezuela in nearly three decades, signaling Washington's desire to reshape the energy landscape in the Western Hemisphere.
During his talks at the Miraflores presidential palace with Acting President and Oil Minister Delcy Rodriguez, Secretary Wright stated, "The United States is ready to fully assist in boosting the country's oil, gas, and energy production," emphasizing Venezuela's enormous potential.
Background to the event: The oil giant's return
Venezuela possesses the world's largest proven oil reserves, yet its energy sector has suffered for years from a sharp decline in production due to economic sanctions, mismanagement, and a lack of investment. The current US move represents a recognition of the strategic importance of Venezuelan oil to the stability of global energy markets, particularly given the geopolitical tensions in other parts of the world.
Observers believe that this rapprochement aims to achieve two main goals: the first is to secure diverse and reliable energy sources for the United States and its allies, and the second is to reintegrate the Venezuelan economy into the global financial system, which could help alleviate the humanitarian and economic crisis that the country has suffered.
Future prospects and their impacts
At a press conference following the meetings, the US Secretary of State painted an optimistic picture of the near future, saying, "This year we can achieve a significant and qualitative increase in Venezuela's oil, natural gas, and electricity production." This pledge to begin a "new era" of economic partnership has implications not only for Venezuela but also for international energy markets, which are anticipating additional crude oil supplies that could contribute to price stability.
The shift from a policy of “maximum pressure” to “strategic partnership” reflects a political pragmatism that puts economic interests and energy security at the forefront of priorities, opening the door to huge investments that could reshape the economic landscape in Latin America.
