US officials defend Venezuela oil deal amid questions over rebuilding plan

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Published: 2026-09-02T00:26:07.922Z • Permanent link

US officials defended a contentious deal that grants the US control of a significant oil field in Venezuela, a move that has alarmed the Venezuelan opposition. The agreement, which was announced in December 2021, has raised eyebrows among lawmakers and human rights groups due to concerns over the Trump administration's handling of the crisis in Venezuela. Maduro, who has been in power since 2013, has been accused of human rights abuses and authoritarianism.

At the heart of the controversy is the US's decision to invest $10 billion in the Orinoco Belt, a lucrative oil field that is home to the largest oil reserves in the country. The deal, which was negotiated by the Trump administration, allows the US to gain control of the oil field and extract its resources, with Maduro's government agreeing to allow the US to operate the field for 25 years. Critics argue that the deal is a thinly veiled attempt by the US to exert influence over Venezuela's oil-rich territory.

Meanwhile, the Venezuelan opposition has been quick to denounce the deal, with opposition leader Juan Guaido calling it a "betrayal" of the Venezuelan people. Guaido, who has been leading the opposition to Maduro's rule, has accused the US of trying to "buy" its way out of the crisis in Venezuela. The opposition has also raised concerns over the lack of transparency surrounding the deal, with some arguing that the Trump administration failed to obtain the necessary approvals from Congress.

The US-Venezuela oil deal has significant implications for the global energy market, with many analysts predicting that it will lead to a surge in oil prices. The deal has already sent shockwaves through the markets, with oil prices rising by over 10% in the wake of the announcement. The deal also raises questions over the future of the Orinoco Belt, with some arguing that it could become a key player in the global energy landscape.

Companies such as ExxonMobil and Chevron, which have been eyeing the Orinoco Belt for years, are likely to be major beneficiaries of the deal. The deal also has implications for the Venezuelan economy, which has been in shambles due to the country's oil-rich territory. The deal could provide a much-needed lifeline for the Venezuelan economy, but it also raises concerns over the country's democratic future.

The US-Venezuela oil deal is part of a larger pattern of US intervention in the region. The Trump administration has been a vocal critic of Maduro's rule, with many arguing that it has been too soft on Venezuela. The deal has also been compared to the US's handling of the Iran nuclear deal, with some arguing that it represents a similar "soft power" approach to foreign policy.