Remarkable US oil deal puzzles analysts - and angers many Venezuelans
Amounting to 65 billion barrels of crude, the deal is labelled by one ex-envoy as a colonialist "fever dream".
The US and Venezuela concluded a monumental oil deal on Wednesday, granting a US-led company, North American Blue Energy Partners, 100-year concessions over 17 Venezuelan oilfields. This arrangement equates to 65 billion barrels of crude, representing over a fifth of the country's proven oil reserves. Both administrations hailed the deal as historic, with President Trump calling it "the biggest oil deal in world history" and interim Venezuelan President, Delcy Rodríguez, claiming it would generate $100bn in investment and more than $200bn in tax revenue.
However, many Venezuelans and analysts criticize the deal, stating that Rodriguez has given away 20% of the national patrimony for nothing. The White House describes the pact as shifting the geopolitical center of global energy markets back to the Western Hemisphere, away from Middle Eastern choke points. The deal has raised concerns about the lack of an imminent election in Venezuela and the potential for deepening US involvement in the country's political landscape.
Written by urgent.news from BBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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