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Remarkable US oil deal puzzles analysts - and angers many Venezuelans

September 1, 2026

Following the forcible removal of Nicolás Maduro by US forces in January, the Trump administration has finalized a controversial 100-year oil concession agreement with Venezuela's interim government. The deal grants a US-led company access to 17 oilfields containing approximately 65 billion barrels of crude oil, representing over one-fifth of Venezuela's proven reserves. While both governments promote the agreement as mutually beneficial, critics including former US officials characterize it as a lopsided colonial-style arrangement that surrenders Venezuelan national resources.

Who is affected

  • Venezuelan citizens and the Venezuelan nation as a whole
  • Interim Venezuelan President Delcy Rodríguez and her government
  • US President Donald Trump and his administration
  • North American Blue Energy Partners (Nabep), the private US company involved
  • Chevron, currently the largest private oil producer in Venezuela
  • Venezuelan opposition figures, including Nobel Peace Prize winner María Corina Machado
  • Former Venezuelan President Nicolás Maduro
  • American and potentially global consumers affected by oil prices
  • Elliott Abrams, Trump's former special representative on Venezuela and Iran

What action is being taken

  • The US government is working alongside North American Blue Energy Partners (Nabep) in Venezuela
  • The US is conducting an ongoing war with Iran
  • The White House has released a fact sheet detailing the deal's framework

Why it matters

  • This agreement represents a significant shift in geopolitical power and control over crucial energy resources, potentially affecting global oil markets and prices at a time when Middle Eastern supplies are unreliable due to the US-Iran conflict. The deal raises fundamental questions about national sovereignty, as it grants unprecedented US control over Venezuela's natural resources through veto power over corporate governance and citizenship requirements for board members. The arrangement also has major implications for Venezuela's political future, as it strengthens the interim government that opposition figures view as an extension of the Maduro regime, potentially undermining democratic aspirations and self-determination for the Venezuelan people.

What's next

  • No explicit next steps stated in the article

Read full article from source: BBC