A Venezuelan delegation is set to participate in this week’s Group of 20 (G20) energy meetings in Texas, US officials announced on Monday. The summit takes place against a backdrop of soaring global energy prices driven by the ongoing war in the Middle East.
Interior Secretary Doug Burgum confirmed that the gathering in Houston, widely regarded as the oil capital of the United States, will include representatives from G20 nations alongside Venezuela. “This is about the geopolitical centre of oil moving out of the Middle East – we have all these questions about Middle East disruptions – moving that to the western hemisphere,” Burgum told Fox Business.
The three-day meetings, running through Wednesday, feature delegations from major economies including China, India, Japan, and Germany, as well as key oil producers such as Canada and Saudi Arabia. The event occurs while Europe races to refill gas storage facilities ahead of winter, following significant disruptions to global energy markets.
According to Bloomberg, the Venezuelan contingent will be led by Oil Minister Paula Henao and Jovanny Martinez, vice president of the state-run oil company PDVSA. Joining Burgum on the US side will be Energy Secretary Chris Wright.
This development follows an agreement announced by the Trump administration on August 28, which grants the United States majority control over 65 billion barrels of proven petroleum reserves in Venezuela. A statement from Burgum’s office told AFP that Caracas’s participation reflects deepening engagement between the Trump administration and Venezuela, aimed at expanding opportunities for US companies and pursuing additional energy deals.
President Trump has highlighted the potential of Venezuelan oil to increase supply and curb rising costs. However, analysts caution that ramping up Venezuelan production could take several years. Meanwhile, American consumers are feeling the strain: diesel prices have reached a record average of $6.20 per gallon, according to the American Automobile Association (AAA), and regular gasoline is now 44 percent more expensive than before the conflict began.
The economic fallout and unpopularity of the war have raised concerns within the Republican Party ahead of the November midterm elections. Trump has accused Iran of prolonging the conflict for political gain, claiming the war would end “immediately” after the election. He has also blamed Ukrainian President Volodymyr Zelensky for exacerbating diesel shortages through strikes on Russian refineries.
In a further twist, Russian diplomats indicated on Saturday that Moscow would send officials to the Houston summit. This follows the controversy caused by the appearance of Russian Finance Minister Anton Siluanov at a G20 meeting two weeks prior. Ukraine’s European allies expressed disappointment at the US decision to invite Russia, viewing it as a setback to efforts to isolate Moscow over its war on its neighbor.
Oil capital of the world? Hard to argue with that logic when Houston is hosting everyone. Interesting shift.
Wait, we just gave them majority control of our reserves? Sounds like a risky trade for lower gas prices.