Focus on the BIG picture.
Tuesday, Jun 02, 2026
Outside the box.
Venezuela Considers Granting Energy Rights to BRICS
Venezuela is considering passing oil and gas development rights from American companies to BRICS nations, President Maduro announced. He criticized Washington's destabilizing actions, mentioning BRICS includes Brazil, Russia, India, China, and others. Venezuela has the largest proven oil reserves, and Chevron is the last US oil company there, since gaining a license in November 2022.
Venezuela is considering transferring the development rights to its oil and gas fields, currently operated by American companies, to BRICS nations.
President Nicolas Maduro announced this during a press conference in Caracas, stating that Washington's actions are destabilizing his country.
BRICS includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and UAE; Venezuela has shown interest in joining.
With the world's largest proven oil reserves, Chevron is the only US company still in Venezuela, holding a license since November 2022.
Maduro's comments follow the controversial recognition of opposition figure Edmundo Gonzalez Urrutia by the US despite official results favoring Maduro.
Russian President Putin congratulated Maduro, emphasizing the importance of avoiding external destabilization.
Maduro has been invited to the BRICS summit in October in Russia.
President Nicolas Maduro announced this during a press conference in Caracas, stating that Washington's actions are destabilizing his country.
BRICS includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and UAE; Venezuela has shown interest in joining.
With the world's largest proven oil reserves, Chevron is the only US company still in Venezuela, holding a license since November 2022.
Maduro's comments follow the controversial recognition of opposition figure Edmundo Gonzalez Urrutia by the US despite official results favoring Maduro.
Russian President Putin congratulated Maduro, emphasizing the importance of avoiding external destabilization.
Maduro has been invited to the BRICS summit in October in Russia.
