Secretary of State Marco Rubio defended the recent oil agreement with Venezuela during a press briefing at Miami Airport on Tuesday, just before departing for his trip to Colombia, Ecuador, and Peru. He asserted that Venezuela would fare "much better partnering with the United States" rather than the nations that previously dominated its oil fields.
Responding to questions aired on C-SPAN and circulated by the State Department, Rubio addressed concerns that Washington might be looking to simply exploit resources or deploy troops in the area.
"To anyone worried that the U.S. might be engaging in negative activities in the Western Hemisphere regarding energy, I would say those oil fields were previously under the control of China, Russia, and Iran. Iran had some concessions, but they are no longer there," Rubio stated.
He was unequivocal in criticizing the inefficiency of previous operators: "Chinese and Russian companies managed those fields, yet they never turned them into anything significant," leaving them largely unproductive.
In contrast, Rubio assured that under the new framework, the oil resources will generate tangible benefits for the population.
"These fields are now going to be productive and will produce royalties and revenues for the Venezuelan people, hopefully through a democratically elected government sooner rather than later," he emphasized.
He also highlighted that the financial gains would no longer be diverted to corrupt officials or adversaries of the U.S.: "This will directly benefit the people of Venezuela, as opposed to filling the pockets of corrupt officials or falling into the hands of adversaries of both the United States and Venezuela."
The remarks come in light of the oil deal announced by President Donald Trump at the end of August, under which private firm North American Blue Energy Partners (NABEP) was granted rights to 17 Venezuelan oil fields with reserves estimated at over 65 billion barrels.
According to Reuters, five of the 14 contracts awarded to NABEP were previously managed by Chinese companies and one by a Russian firm. The U.S. secured a 35% stake in NABEP's parent company along with the right to purchase 20% of the production at cost price.
Beijing reacted to the agreement by demanding that its "legitimate rights and interests" in Venezuela be protected, while the Venezuelan National Assembly endorsed the pact on September 1.
The Venezuelan government, led by interim President Delcy Rodríguez, also publicly supported the deal following the capture of Nicolás Maduro on January 3, 2026.
Since then, over 10 million barrels of Venezuelan oil have been shipped to the U.S., with the proceeds placed in an account monitored by the Treasury Department and audited by KPMG.
Rubio is now embarking on his tour to Colombia, Ecuador, and Peru, which will continue until Thursday. His agenda focuses on security, combating narco-terrorism, and trade relations, as well as providing humanitarian aid to Colombia following the August earthquake.
Impact of U.S.-Venezuela Oil Agreement
What is the significance of the oil agreement between the U.S. and Venezuela?
The agreement marks a shift in control of Venezuelan oil fields from China, Russia, and Iran to a U.S.-backed private firm, potentially increasing productivity and benefiting the Venezuelan people.
How does the oil agreement benefit Venezuela?
The deal is expected to make Venezuelan oil fields more productive, generating royalties and revenues for the Venezuelan population, ideally under a democratically elected government.
What are the potential geopolitical implications of this agreement?
The agreement may reduce the influence of China, Russia, and Iran in Venezuela, shifting the geopolitical balance in favor of the United States in the region.
What has been the reaction from China regarding the agreement?
China has demanded that its legitimate rights and interests in Venezuela be safeguarded, indicating dissatisfaction with the new U.S.-Venezuela oil agreement.