Venezuela Oil Deal Sparks US Controversy

Venezuela's ruling United Socialist Party (PSUV) has given its full support to an oil deal with Washington, which grants the US majority control of Venezuela's proven reserves. The party sees this agreement as a way for Venezuela to overcome over a decade of US sanctions and support economic recovery and workers' incomes.

US Democratic senators, however, have slammed President Donald Trump's move, accusing him of deploying troops to secure private profit rather than public interest. Senator Chris Van Hollen said the deal isn't a win and that Trump put US service members at risk 'to get Venezuelan oil for his billionaire buddies.'

Under the terms of the concession, a 100-year lease was granted to a private joint venture to operate oil fields containing approximately 65 billion barrels of proven reserves. The US would control 55 percent of the venture through equity stakes and access to oil at cost.