US officials defend Venezuela oil deal amid questions over rebuilding plan
Government talks up pact but Venezuelan opposition alarmed that democracy yet to return after Maduro exit Trump administration officials on Tuesday defended a highly contentious deal giving the US control of a significant chunk of Venezuelan oil reserves, arguing that the sweeping agreement would help stabilize and rebuild democracy in the shattered South American country while giving Washington…
US officials have defended a deal giving the US control of around one-fifth of Venezuela's oil reserves, approximately 65 billion barrels. According to a US official, the agreement "furthers the national interest of the United States". The deal is expected to lower oil prices for Americans and counter Russian and Chinese influence.
The agreement has been backed by Venezuela's government-dominated National Assembly. However, the Venezuelan opposition has expressed alarm that democracy has yet to return in the country after the exit of President Nicolas Maduro. US President Donald Trump met oil executives at the White House on Tuesday, with his administration hoping the Venezuela deal could help tame gas prices that are spiraling due to the Iran war.
US Energy Secretary Chris Wright was set to arrive in Venezuela later on Tuesday, with a signing of the agreement set for Wednesday, Channel News Asia reported. Cheaper oil is a priority for the Trump administration ahead of crucial US midterm elections in November, Le Monde English added.
Brief written by urgent.news from The Guardian US, Channel News Asia, Le Monde English — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
