Trump’s Oil Deal Accused of Looting Venezuela’s National Wealth

DID Press: US President Donald Trump has announced a sweeping oil agreement with Venezuela that he described as the “biggest oil deal in world history,” saying it would give the United States majority control over more than 65 billion barrels of Venezuela’s proven oil reserves.

According to reports, the agreement involves the development of 17 oil fields and a new public-private arrangement involving the United States, Venezuela and a private operator. A U.S. official familiar with the deal said the United States would receive a 55% effective share of output, including an ownership stake and the right to purchase oil at cost.

The same official said Venezuela’s interim government had granted the new company 100-year development rights for the oil fields. However, full official details of the agreement, including the identity of the private operator and the precise legal structure of the arrangement, have not yet been publicly released.

Trump said the agreement would increase U.S. oil supplies and help reduce gasoline prices for American consumers. Venezuelan officials, meanwhile, have said the arrangement could attract major private investment and generate substantial revenues for the country.

The agreement has nevertheless sparked criticism and political controversy. Critics question the circumstances surrounding the deal and the broader U.S. role in Venezuela following the removal and capture of former President Nicolás Maduro earlier this year. The full implications of the agreement for Venezuela’s sovereignty and oil industry remain subject to debate.