The deals were announced by Wright at an event at the Miraflores Palace with acting President Delcy Rodriguez. 

Wright said at the signing event that the administration was able to facilitate the deals at “Trump speed.” Watch Wright’s speech at the signing here. 

Here are the details: Chevron, Eni, GE Vernova, Primavera, and Aspect Energy signed agreements with the Venezuelan government. 

Check out another of Callie’s videos from the event here.

The deals are broad with some focused on drilling new wells and improving Venezuela’s electricity grid. 

Eni CEO Claudio Descalzi said after the signing ceremony that new wells could be drilled within a week, with the goal of 1 million barrels of production per day. 

Chevron’s deal, announced earlier today, would include additional land in Venezuela’s oil-rich Orinoco Belt. The company has been operating there since 2001. Chevron will also invest more than $7 billion over the next five years and aims to double oil production to roughly 600,000 barrels per day.  

Deal with controversial Venezuelan tycoon: In a separate deal, the Trump administration confirmed yesterday that it plans to take a 35% equity stake in private oil and gas exploration and production company North American Blue Energy Partners. 

The company is led by Venezuelan businessman Alejandro Betancourt, who has been arrested and accused of money laundering. Betancourt was not in attendance at the signing ceremony. 

As we reported yesterday on Daily on Energy, a U.S. official said that they have vetted him through their system and noted that Betancourt is a proven oil operator. 

Read more about the deals by Callie here. 

PARIS GOAL IS OUT OF REACH, PER UNITED NATIONS:

The Paris climate agreement goal of limiting global warming to 1.5 degrees Celsius is no longer feasible, according to a report released today by the United Nations. 

“There are no good outcomes if we remain above 1.5°C,” UN Environment Programme Director Inger Andersen said. 

“Across the globe, extreme heatwaves are already proving that climate impacts will strike faster, hit harder, and last longer – costing more lives and causing deeper disruption,” Andersen said. 

What does the report say? The report describes an “overshoot” scenario in which global temperatures exceed 1.5 degrees Celsius in the next few years, peak, and then gradually decline, with the goal of bringing temperatures back below the 1.5 mark by the end of the century. 

The UN said that the most “optimistic scenario,” if governments fully implement their climate plans and meet net-zero targets, would see peak temperatures reach 1.8 degrees Celsius. 

However, under the current policies, the UN predicts that global warming could reach around 2.6 degrees Celsius by 2100. It noted that policymakers now should “prepare for and navigate a future in which global temperatures exceed 1.5°C.” 

All the rest

HORMUZ TRAFFIC ABOVE PRE-WAR LEVEL? More than 17 million barrels of oil flowed through the Strait of Hormuz on Monday, the most since the war with Iran began, Wright told reporters yesterday while en route to Venezuela. 

With another 4-5 million barrels shipped through pipelines operated by Saudi Arabia and the United Arab Emirates, the total oil flowing from the region exceeded the pre-war average, he said. 

Iran is unable to “hold the world economic hostage” as the U.S. helps oil tankers move through the strait, Wright said on CNBC. He added that Tehran is “causing some disruption but they are losing that card.” 

However, military strikes between the U.S. and Iran have escalated. The U.S. yesterday hit targets in Iran and Tehran launched various attacks across the region in response. 

Iran today accused the U.S. of hitting a wedding in the southern part of the country and killing or wounding more than 50 people. CENTCOM told CBS News that “the U.S. military never targets civilians.” 

Meanwhile, Trump floats renaming the strait: For your situational awareness: on Truth Social today, Trump suggested renaming the strait to “TRUMP STRAIT.” 

BESSENT BLAMES UKRAINE FOR HIGH OIL PRICES: Treasury Secretary Scott Bessent is placing the blame for high oil prices on Ukraine. 

Bessent said that Ukrainian strikes on Russian energy infrastructure are one of the primary drivers of high global energy prices. 

He said this morning that the world is going through an “energy shock right now,” due to the war in Ukraine and Iran. 

“Ukraine has decided that they want to blow up Russian energy assets and refined products, so that is creating upward price pressure on a global basis — and then the conflict in Iran,” Bessent said.

The secretary said that the conflict in Iran would end soon and prices would come down. 

Ukraine has recently targeted Russian infrastructure through drone attacks and the Kremlin is on track to see its oil companies endure more total losses this year than in 2025. 

Read more by Washington Examiner’s Molly Parks here.

DIESEL PRICES INCH CLOSER TO ALL-TIME HIGH: The national average for diesel is closely approaching the all-time high price of $5.81.

GasBuddy said that the average price of diesel is just 10 cents away from hitting the record. Diesel prices reached $5.72 per gallon this afternoon. The administration has attempted to press the oil industry to lower prices ahead of the midterm elections. 

The president yesterday held talks with oil industry executives at the White House, which reportedly included representatives from Marathon Petroleum, Phillips 66, Chevron, Delek US Holdings, PBF Energy, and Valero Energy. 

MAERSK TO USE WIND SAILS ON CONTAINER SHIP TO LOWER EMISSIONS: Maersk has signed a deal to put a wind sail on a container ship to lower shipping costs and meet emissions goals. 

The sail won’t look like a traditional square cloth sail, though. Instead, it is a rotor sail, provided by Anemoi Marine Technologies. Images of the sail can be seen here. It would be the first such installation on a container ship. 

Using wind power could help meet emissions regulations of the kind that the International Maritime Organization has tried to advance against the opposition of the Trump administration. 

RUNDOWN

Inside Climate News No Relief for Maui Wildfire Survivors Losing Thousands to Contractors

The Associated Press Symbolic funerals held in Nepal for those feared lost as some missing tourists make contact

Canary Media Wind energy benefits North Dakota. So why has the state soured on it?