Trump Announces Historic Oil Deal with Venezuela, Sparking Skepticism
US President Donald Trump announced on Friday that his administration has entered into an agreement with Venezuela to potentially give the US control of 65 billion barrels of oil reserves, according to a statement from the White House. The deal would make the US the world's second-largest corporate holder of proven reserves, after Saudi Aramco.
The agreement, which Trump called 'THE BIGGEST OIL DEAL IN WORLD HISTORY!', would give private companies access to Venezuela's untapped oil fields for 100 years. However, many details remain unclear, including the identity of the private operator that would be handling the deal.
Ricardo Hausmann, a former Venezuelan planning minister and current Harvard University professor, called the deal 'a shameful agreement' and stated that Venezuelans will not respect it due to its illegitimacy. He also noted that no major US oil company will take the deal seriously because they know it won't last.
The deal has been met with skepticism from many in Venezuela, including Douglas Borjas, who said he's upset that Venezuelan leader Delcy Rodriguez agreed to 55% US control of oil fields. He believes this is a betrayal and that resources should be exploited for the benefit of the people, not the corrupt elite.