U.S. Secures Venezuela Oil Deal
Trump says the U.S. reached a 25-year deal for access to Venezuelan oil reserves.
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Updated Aug 30, 9:00pm ETBoth sides, every morning
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The reporting
President Donald Trump said Aug. 28 the U.S. had reached an agreement with Venezuela giving Washington control of 65 billion barrels of oil reserves across 17 fields. Venezuelan interim President Delcy Rodríguez said the deal would run 25 years, target crude output of 1.5 million barrels per day and preserve Venezuelan ownership of the resources. Secretary of State Marco Rubio said it could bring nearly $100 billion in private investment. Trump said he plans to use Venezuelan oil from the deal to refill the Strategic Petroleum Reserve.
Analysis & opinion
Sovereignty violationMostly Center
Trump’s Venezuela oil arrangement amounts to the United States taking control of another country’s resources for its own benefit. It raises grave sovereignty concerns and looks less like a normal oil deal than a neocolonial resource grab.
Energy security gainMostly Right
Trump’s Venezuela oil deal would strengthen U.S. energy security by adding to available reserves and expanding Washington’s leverage over oil supply. It is a corrective to Biden’s handling of the Strategic Petroleum Reserve and could improve America’s position in global oil markets, even if consumers do not see immediate relief at the pump.
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