Trump Unveils Venezuela Oil Deal
The U.S. plans a Venezuela oil venture expanding Chevron operations with a Pentagon stake.
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Updated Sep 1, 8:18pm ETBoth sides, every morning
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The reporting
The White House said Monday that the Venezuela oil agreement will run through North American Blue Energy Partners, with the Pentagon’s Office of Strategic Capital taking a 35% equity stake after Venezuela granted the company 100-year concessions for 17 oil fields. The deal gives the U.S. a guaranteed 20% of NABEP’s current and future oil output. Energy Secretary Chris Wright is expected to travel to Venezuela for Chevron’s planned announcement expanding operations there. The arrangement has drawn opposition from Venezuela’s democratic opposition and orthodox Chavismo.
Analysis & opinion
Oil grabMostly Left
Trump’s Venezuela policy is driven by the desire to seize or control another country’s oil wealth. The deal is illegitimate, hypocritical, and serves insiders and U.S. extraction rather than Venezuela’s sovereignty or the public interest.
American gainMostly Right
The Venezuela oil agreement is a major win for the United States. It gives Americans unusually favorable access to Venezuelan oil and strengthens U.S. energy reserves and supply.
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