{
  "id": 16768862,
  "title": "Rubio invokes China, Russia to defend disputed Venezuela oil deal",
  "url": "https://urgent.news/2026/10/27/rubio-invokes-china-russia-to-defend-disputed-venezuela-oil-deal-16768862",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-27T16:18:20.000Z",
  "source": {
    "name": "Reuters Business via SCMP",
    "slug": "reuters-business-via-scmp",
    "url": "https://www.scmp.com/news/china/diplomacy/article/3372347/rubio-invokes-china-russia-defend-disputed-venezuela-oil-deal"
  },
  "original_language": "en",
  "account": "US Secretary of State Marco Rubio defended Washington's controversial oil agreement with Venezuela, arguing it serves as a counterbalance to China and Russia's interests in the country. During remarks to reporters on Monday, Rubio stated that most of the oilfields under the US-backed energy company's control had previously been operated by Chinese or Russian entities. He contended that the deal would stimulate production while guaranteeing US access to reserves during challenging periods. The arrangement involves a 100-year concession granted to the US-backed firm covering 17 Venezuelan oilfields with approximately 65 billion barrels of proven reserves, including fields that were once managed by Chinese and Russian firms. Rubio emphasized that the deal benefits Washington, as well as the Venezuelan state, arguing that \"whether it was us or the Chinese or the Russians, someone was going to be in business with these people.\" The comments come amid criticism from opposition leader Maria Corina Machado, who has raised concerns about the political transition in Venezuela and the involvement of businessman Alejandro Betancourt in the deal. Rubio dismissed Machado's opposition, stating that her criticism is separate from the issue of holding democratic elections. He noted that US involvement provides the company with the confidence to raise capital and invest in Venezuela's underperforming oil industry without direct financial contributions from Washington. The agreement also offers the United States a \"huge strategic advantage\" by providing access to reserves during crises. Rubio further criticized Venezuela's prior oil arrangements with China, stating that Beijing credited shipments against outstanding debt rather than paying cash. He did not provide specific figures on the oil deliveries or how to distinguish these shipments from regular sales.",
  "summary": "US Secretary of State Marco Rubio has defended Washington’s oil agreement in Venezuela as an alternative to Chinese and Russian involvement, pushing back against criticism from opposition leader Maria Corina Machado. Speaking to reporters on Monday, Rubio said most of the oilfields controlled by the company partnering with Washington had previously been held or operated by Chinese or Russian…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}