US and Venezuela Ink Lucrative Oil Deal Amid Controversy
US President Donald Trump and interim Venezuelan President Delcy Rodríguez have signed a massive oil deal, granting a US-led company concessions over 17 oilfields in Venezuela. This amounts to around 65 billion barrels of crude, which is approximately one-fifth of the country's proven oil reserves.
The agreement has been hailed by both sides as a success, with Trump calling it 'the biggest oil deal in world history' and Rodríguez describing it as 'historic'. However, others have expressed concern over the terms of the deal, which include giving the US government veto power over the appointment of Nabep's board of directors.
Elliott Abrams, a former special representative on Venezuela and Iran for the Trump administration, has stated that Rodríguez 'has given away 20% of the national patrimony for nothing'. Energy experts have also warned that it may take up to a decade for the Venezuelan oil sector to recover due to its dire state.
The deal has been met with criticism from both sides of the ideological spectrum, with some Venezuelans viewing it as a betrayal and others seeing it as a capitulation to US influence. The opposition in Venezuela is also concerned that the deal deepens Trump's relationship with Rodríguez, whom they accuse of heading the same regime as Maduro.