Remarkable US oil deal puzzles analysts - and angers many Venezuelans

A significant oil agreement between the United States and Venezuela, involving 65 billion barrels of crude, has recently been announced, sparking both interest and controversy. US President Donald Trump declared the deal as the "biggest oil deal in world history," with the aim of bolstering the US Strategic Petroleum Reserve and reducing domestic fuel prices. The agreement, reportedly negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth with Venezuelan interim President Delcy Rodriguez, grants the US majority control over these reserves through a partnership with North American Blue Energy Partners (NABEP), a private company. Under the terms, NABEP has been granted 100-year concessions for 17 oil fields, and the US Department of Defense's Office of Strategic Capital will hold a 35% equity stake in NABEP. Additionally, the US State Department has the right to purchase 20% of the oil produced at cost and the right of first refusal for the remaining 80%.

The deal, formalized shortly after a US military operation led to the capture of former Venezuelan President Nicolás Maduro, has been met with puzzlement from analysts and anger among many Venezuelans. Critics, including members of the Venezuelan opposition, question the long-term implications for Venezuela's democracy and sovereignty, especially given the interim government's role in the negotiations. Concerns also revolve around the feasibility of rapidly scaling production given Venezuela's dilapidated oil infrastructure and the opaque nature of some of the transaction's details, including the unnamed private Venezuelan operator initially mentioned. The agreement is expected to bring substantial investment and tax revenues for Venezuela, but its long-term success and impact on global energy markets remain subject to scrutiny.