The meeting of major global economies began on Monday in Houston, Texas, and will continue until Wednesday. Interior Secretary Doug Burgum stated that the meeting is particularly promising as Venezuela and Poland are present alongside honored guests.
He added that in the coming days, participants will hear speeches from Venezuelan ministers, who will discuss one of the main goals of US President Donald Trump—to make America a center for accessible, reliable, and safe energy. Jared Agen, White House advisor on energy issues, was also present with him.
Particular attention was drawn to the presence of the Venezuelan mining sector minister, Hector Silva. Since the arrest of Venezuelan President Nicolas Maduro by North American armed forces in January, Donald Trump has sought to revive the production of Venezuela's oil reserves, which are the largest in the world.
The Republican announced on August 28 an agreement he called historic with Caracas, allowing Washington to take control of 17 Venezuelan oil fields. The potential production is estimated at 65 billion barrels. Doug Burgum stated on Monday that this agreement 'will bring huge long-term benefits to the United States.'
Many American refineries were designed to process Venezuelan crude oil, but in recent years they have been without it due to sanctions and supply problems. Flows resumed in 2026, reaching levels unseen in eight years, but they remain modest compared to the peak of the late 1990s.
Donald Trump expects the new hydrocarbon flow to compensate for supply chain disruptions caused by the war against Iran, which led to price increases. The US government also emphasized on Monday the importance of Venezuela's coal deposits—a highly polluting energy source that the Administration seeks to resume by canceling some emission measures at power plants that same day.
According to Doug Burgum's office, responsible for federal lands management and exploration, Washington and Caracas 'aim to conclude new energy agreements,' highlighting the participation of American companies in the G20 Energy sector that 'massively produced Venezuelan coal for 25 years.' Burgum added that as Venezuela's power grid recovers, more electricity will be needed for local consumption, which can be supplied by coal.
The war initiated by the US and Israel against Iran has restricted hydrocarbon exports in the Middle East and caused fuel prices to soar. According to the American Automobile Association, the average price per gallon (3.78 liters) of diesel fuel in the US exceeded $6.23, a record high. Meanwhile, gasoline is 44% more expensive than before the conflict.
Inflation is making Republicans fear a heavy defeat in the November midterm elections, while Donald Trump indicated on Wednesday that the war with Iran 'will end immediately' after the vote.
Nevertheless, on Monday, the head of state assured that Kyiv and Moscow agreed not to attack enemy energy infrastructure any further, a day after criticizing Ukraine for attacks on Russian oil refineries, which he accused of causing a 'diesel shortage.' Russia, as a G20 member, confirmed its presence in Houston this week after a multi-year absence due to the war in Ukraine.