A sweeping new oil production agreement between the US and Venezuela is a geopolitical opportunity for Washington to secure access to oilfields that have largely been under the influence of Chinese and Russian companies, a US official said on Tuesday.The “historic” deal between the administration of US President Donald Trump and Venezuela’s interim President Delcy Rodriguez will be enabled by increased private-sector investment from American companies in the country.US Energy Secretary Chris Wright will travel to Venezuela on Wednesday to sign an oil agreement that will see Chevron expand its existing operations and production capacity in the country.The US official told reporters that Washington could use Venezuelan oil supplies to replenish its own strategic reserves or generate revenue.“Related to our national interest in the geopolitics is the desire, of course, to have a reliable and stable supply of energy for the future,” the US official said. “As we have seen, there are challenges throughout the world, irrespective even predating the conflict with Iran.”The development comes after Mr Trump last week announced a deal that would give the US control of about a fifth of Venezuela’s vast oil reserves, claiming it would lower energy prices for Americans.“I think it’s going to have a tremendous impact,” he told reporters on Monday. “It’s going to ultimately – prices are going...
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