US-Venezuela oil deal draws praise and condemnation
Summary
A US-led company received 100-year concessions over 17 Venezuelan oilfields under an agreement signed in Caracas on Wednesday. Donald Trump and Delcy Rodríguez praised the deal, while analysts, opposition figures and Venezuelan socialists criticized its terms.
Digest
01 SEP 2026 — The article says US troops removed Nicolás Maduro from power in Caracas in January and that Donald Trump had identified control of Venezuela’s oil resources as a key administration goal. An agreement signed in Caracas on Wednesday grants a US-led company 100-year concessions over 17 oilfields containing 65 billion barrels of crude. Trump called it the biggest oil deal in world history, while interim President Delcy Rodríguez called it historic and said it would generate $100bn in investment and more than $200bn in tax revenue. Elliott Abrams called the arrangement terrible and one-sided. A White House fact sheet said the US government would work with North American Blue Energy Partners, or Nabep, and would have veto power over board appointments. Doug Burgum said the pact would shift the energy markets’ geopolitical centre. Experts questioned Trump’s claim that profits would come within two or three years, saying a decade may be more realistic. Luis Pacheco said Venezuela needs about $100bn over eight years to restore earlier production levels. Opposition figures and Venezuelan socialists criticized Rodríguez’s cooperation with Washington, while Rafael Ramírez called it a new colonialism. The article also recalls Hugo Chávez’s earlier opposition to foreign control of Venezuelan oilfields.
Production
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