US defends Trump’s Venezuela oil deal

The United States defended President Donald Trump's recent oil deal with Venezuela, arguing it would lower domestic oil prices and counter Russian and Chinese influence. Venezuela's National Assembly approved the multibillion-dollar agreement, granting the U.S. control over approximately one-fifth of the country's oil reserves. However, the deal has raised concerns due to its potential implications for Venezuela's democratic transition and its impact on U.S. interests.

President Trump met with oil executives at the White House to promote the deal, claiming it would unleash American energy dominance and help lower gas prices. U.S. Energy Secretary Chris Wright is set to visit Venezuela later in the week to oversee the signing of the agreement. Chevron plans to announce a major expansion in Venezuela on the same day.

Key officials emphasized that the deal serves the national interest and sets Venezuela up for long-term success. They also denied that it would entrench the interim government led by Vice President Delcy Rodriguez, asserting that it does not impede the democratic transition. National Assembly chief Jorge Rodriguez argued that the money from the deal would benefit Venezuelans, while Defense Minister Gustavo Gonzalez Lopez stated that the agreement would bring prosperity and well-being to the country.

The deal grants the U.S. preferential access to 17 oil fields, replacing previous Russian and Chinese companies. A significant aspect of the agreement is the involvement of Alejandro Betancourt, a Venezuelan businessman linked to corruption under Hugo Chavez's administration. Betancourt runs North American Blue Energy Partners (NABEP), which will receive a 35% stake in the U.S.-controlled oil company. The deal also includes U.S. control over 20% of the oil produced by NABEP, as well as veto power over its board members.