Venezuela at the Houston Table
US officials confirmed on Monday that a Venezuelan delegation will take part in this week's G20 energy meetings held in Texas, at a moment when global energy prices are climbing because of the Middle East war. Interior Secretary Doug Burgum said the Houston summit, in America's oil hub, will gather G20 representatives along with Venezuela. He framed the meeting as an effort to move oil's geopolitical center away from the Middle East and toward the Western Hemisphere, pointing to uncertainties about Middle East disruptions.[S1]
The Houston talks, scheduled to last through Wednesday, unfold while Europe scrambles to refill its gas reserves before winter, with global energy markets disrupted. Delegations from the largest economies, among them China, India, Japan and Germany, are meeting alongside key oil producers including Canada and Saudi Arabia. Bloomberg reports that Venezuelan oil minister Paula Henao and Jovanny Martinez, vice president of state oil company PDVSA, are attending. Energy Secretary Chris Wright will join Burgum on the US side.[S1]
Deepening US-Venezuela Energy Ties
The Trump administration unveiled an agreement with Venezuela on August 28 granting the United States majority control over 65 billion barrels of proven petroleum reserves. Burgum's office told AFP that Venezuela's involvement reflects deepening energy engagement between Washington and Caracas, broader openings for US firms, and efforts to secure further energy deals in Venezuela. Trump has highlighted Venezuelan oil's potential to add supply while prices have surged from the US-Iran war. Analysts nonetheless warn that meaningful gains in Venezuelan output remain years away.[S1]
Record Pump Prices and Political Fallout
Fuel costs in the United States have climbed sharply, with diesel reaching a record average of $6.20 per gallon (3.78 litres), according to the American Automobile Association (AAA). Regular gasoline now costs 44 percent more than before the war. With the conflict unpopular and its fallout weighing on voters, Trump's Republican Party worries about losing the November midterm elections. The president has blamed Iran for prolonging the fighting to damage him politically, said recently the war would stop right after the vote, and accused Ukrainian President Volodymyr Zelensky of triggering a diesel shortage by striking Russian refineries.[S1]
Russian diplomats signaled on Saturday that Moscow would send some representatives to the Houston gathering as well. At an earlier G20 meeting two weeks ago, the surprise arrival of Russian Finance Minister Anton Siluanov drew attention. European allies of Ukraine voiced displeasure over the US invitation to Russia, which undercut attempts to keep Moscow out over the war against its neighbor.[S1]
