Trump administration officials on Tuesday defended a deal that gives the US control of a significant portion of Venezuelan oil reserves. They argued the agreement would help stabilise and rebuild democracy in Venezuela and provide the US with access to strategic crude reserves.
Last week, Donald Trump announced the deal, which grants the US "majority" control over 65bn barrels of Venezuela’s oil reserves, representing approximately one-fifth of the country's total. US officials stated on Tuesday that the agreement aims to create a stable economic platform for restoring Venezuelan democracy after nearly three decades of autocratic rule.
The pact has drawn criticism from Venezuela’s opposition, which is reportedly angry that democracy has not yet returned to the country, eight months after former president Nicolás Maduro was removed by US special forces. The agreement was backed by Venezuela’s national assembly on Tuesday, with President Delcy Rodriguez defending it over the weekend.
According to a White House factsheet released on Monday, the agreement grants US-backed North American Blue Energy Partners (Nabep) 100-year rights over 17 oil fields. A US official said on Tuesday that allowing Nabep, owned by Alejandro Betancourt, to take over some oil fields would provide capital to "ramp up production rapidly," generating royalty revenue for the government.