Trump’s Venezuela Deal Helps His Rich Friends—And That’s It
The Trump administration announced an arrangement with Venezuela last week that would see the US take control of 65 billion barrels worth of oil fields and a significant share of the country’s production of 800,000 barrels of oil per day—the latest development after an American strike on Caracas abducted the country’s president Nicolás Maduro in […]
The Trump administration has reached a deal with Venezuela, granting control over 65 billion barrels of the country's oil reserves and 800,000 barrels of daily production to an American firm, North American Blue Energy Partners. The deal includes a 100-year lease for 17 oil fields, plus 35% ownership of the company to the Pentagon and the right for the State Department to purchase 20% of the oil production.
The US government can also veto any appointment to the NABEP board of directors. However, the deal has faced criticism from both the Venezuelan government and American consumers, who argue that it is a form of petro-imperialism and will not result in lower gas prices or benefit Venezuelans. Analysts say that the deal will likely line the pockets of American companies, particularly PDVSA, the Venezuelan national oil company.
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