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Wright Joins CNN in Caracas to Discuss U.S. Role in Venezuelan Oil

February 12, 2026 · U.S. Department of Energy · 0:08:40

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Energy Secretary Chris Wright joined CNN from Caracas, Venezuela on February 12, 2026, touring oil and natural gas facilities alongside interim President Delcy Rodríguez, according to the Department of Energy. Wright described the cooperation as a landmark change in diplomacy in which a sinking country is on the rapid rise without bullets fired, American troops on the ground, or taxpayer funds, as he stated it. He said Rodríguez’s future role is ultimately up to the Venezuelan people, and that U.S. aims are property rights, rule of law, conditions for the 8 million people who fled to return, and reduced crime and drug threats, as he stated the figures.

Wright said investments are already happening before elections: Chevron is stepping up investment, with hundreds of millions to be invested to upgrade a crude processing facility, a field on target to double production in 12 to 18 months and probably quintuple it over five years, as he stated the figures, alongside dozens of American companies looking at opportunities, as he stated it. He said U.S. leverage is control of the flow of funds from oil, the country’s dominant industry, as he stated it.

Wright said the U.S. government will not offer physical or economic security guarantees, that businesses assess country risk themselves, and that Venezuela’s environment is meaningfully better than two months earlier though not Norway, as he stated it. On ConocoPhillips’ debt concerns, he said deals may swap debt owed into assets and operating rights, as he stated it. On Cuba, where he said U.S. control of Venezuelan oil has halted imports and worsened blackouts, he said the U.S. wishes Cuba’s 10 million people a better quality of life and would not bet against President Trump using creative diplomacy there, as he stated it.

Why it matters

The Caracas interview is the fullest contemporaneous statement of the Venezuela oil arrangement’s mechanics as Wright described them — U.S. control of oil funds as leverage, Chevron’s stated doubling timeline, and no U.S. security guarantees — each checkable against subsequent production and deal announcements.

Scoreboard watch

Wright stated Chevron’s field production would double in 12 to 18 months and probably quintuple in five years, as he stated the figures — dated, checkable production claims.

Sources: U.S. Department of Energy, “Secretary Wright Joins CNN in Caracas, Venezuela - February 12, 2026”, 2026-02-12 (official upload, embedded above; published 2026-02-12). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.