Berliner Boersenzeitung - US invites Venezuela to G20 energy summit

Interior Secretary Doug Burgum said the summit in the US oil capital of Houston will include representatives of G20 countries plus Venezuela.

"This is about the geopolitical center of oil moving out of the Middle East -- we have all these questions about Middle East disruptions -- moving that to the western hemisphere," Burgum told Fox Business.

The Houston meetings, which continue through Wednesday, come as Europe struggles to replenish its gas storage facilities ahead of winter amid the disruption to global energy markets.

The meetings gather delegations from the world's largest economies -- including China, India, Japan and Germany -- with major oil producers, such as Canada and Saudi Arabia, set to attend.

Attendees will include Venezuelan oil minister Paula Henao as well as Jovanny Martinez, vice president of Venezuela's state-run PDVSA oil company, according to Bloomberg.

From the US side, Burgum will be joined by Energy Secretary Chris Wright.

On August 28, the Trump administration announced a deal with Venezuela that gives the United States majority control of 65 billion barrels of proven petroleum reserves.

"Venezuela's participation comes as the Trump administration and Caracas deepen their engagement on energy, expand opportunities for US companies and pursue additional energy deals in Venezuela," Burgum's office told AFP.

Trump has touted the capacity of Venezuelan oil to boost supply at a time when oil prices have jumped due to the US-Iran war. However, analysts have cautioned that it will take years before Venezuelan output rises significantly.

Prices at the pump have skyrocketed in the United States, where the cost of a gallon (3.78 liters) of diesel has hit a record high, and now averages $6.20, according to the American Automobile Association (AAA).

Regular gasoline is also 44 percent more expensive than it was before the war.

The unpopular war and its consequences have Trump's Republican Party fearing a defeat in the November midterm elections.

The US president has accused Iran of extending the conflict to hurt him politically, claiming recently that the war would end "immediately" after the election.

Trump also accused Ukrainian President Volodymyr Zelensky of causing a diesel shortage with strikes on Russian refineries.

Russian diplomats indicated Saturday that Moscow would also send some officials to the Houston summit.

The unexpected presence of Russian Finance Minister Anton Siluanov caused a stir at a previous G20 meeting two weeks ago.

Ukraine's European allies expressed disappointment in the US decision to invite Russia, which went against efforts to exclude Moscow over the war on its neighbor.

(H.Schneide--BBZ)