‘I think they’re doing it to cling to power’ — Venezuelans bash their government’s deal handing over vast oil reserves to the U.S.

The United States and Venezuela have entered into a significant oil deal, dubbed "THE BIGGEST OIL DEAL IN WORLD HISTORY" by President Donald Trump. The agreement, which has received little official commentary from the White House, gives the U.S. a stake in Venezuela's vast oil reserves, aiming to extract energy from the country following the January raid on then-President Nicolás Maduro and his subsequent extradition to New York to face federal drug trafficking charges.

Acting President Delcy Rodríguez called the deal a step towards economic recovery, promising to modernize the country's oil industry. However, many questions remain unanswered, such as when the reserves could start being extracted and who will bear the costs. The U.S. would have a 55% effective output in the new private company, with an ownership stake and rights to buy oil at cost.

American purchases of the oil will be used for strategic reserves and the military. While some believe the deal will lower gas prices, experts caution that Venezuela's outdated oil infrastructure would require years and billions of dollars to repair, so a quick increase in production is unlikely. The deal has sparked controversy, with some Venezuelans viewing it as a betrayal, while others see it as a necessary step for the country's economic future.