Remarkable US oil deal puzzles analysts - and angers many Venezuelans
The US government has finalized a massive 100-year oil deal with Venezuela, granting a US-led company rights to significant crude reserves. The agreement has been praised by political leaders as a success but criticized by some analysts and Venezuelans as a giveaway of national resources.
Why it matters
This deal represents a major shift in international energy policy and US-Venezuela relations, with significant economic and geopolitical implications.
Image source, EPA/Getty Images Image caption, US President Donald Trump and interim Venezuelan President Delcy Rodríguez have both heralded the deal as a success
From the moment elite US troops swooped into Nicolás Maduro's compound in Caracas to forcibly remove him from power in January, President Donald Trump made clear that securing control over Venezuela's oil resources was a key goal of his administration.
The United States would "run" Venezuela, he said at the time, and manage the sale of Venezuelan oil for the foreseeable future.
The signing of a huge US-Venezuela oil deal in Caracas on Wednesday marked the fruition of that plan. The agreement grants a US-led company 100-year concessions over 17 oilfields in Venezuela, amounting to a staggering 65 billion barrels of crude. That equates to more than a fifth of the country's proven oil reserves.
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