Venezuela's parliament has approved a controversial deal that gives the United States significant access and control over part of the country's oil industry, significantly strengthening Washington's influence over the economy and governance in Caracas.
The agreement, approved by Venezuela's National Assembly on Tuesday, covers 17 oil fields and provides for a direct role for the United States in their management. Under the terms made public, the US government will also have the right to buy a portion of the oil produced at the cost of production.
US officials have defended the deal, arguing that it could boost Venezuelan production, bring in new investment and help lower oil prices in the US. Another objective of Washington is to weaken the influence of Russia and China in the Venezuelan energy sector.
Under the deal, the private company North American Blue Energy Partners (NABEP), led by Venezuelan businessman Alejandro Betancourt, will give the US government a 35% stake. Under the plan, US citizens should make up the majority of the board of directors, while Washington will also have the right to veto its composition.
The agreement has also been accompanied by debates within the Venezuelan Parliament. Several opposition deputies abstained from voting, demanding to know all the terms of the agreement first.
"We need and are obliged to know what is written in small print," declared opposition MP Luis Emilio Rondon.
On the other hand, the head of the National Assembly, Jorge Rodriguez, has defended the agreement, arguing that exploiting oil reserves would bring income to Venezuelan citizens.
"What good is this oil if it stays underground?" Rodriguez said.
US Energy Secretary Chris Wright arrived in Venezuela on Tuesday evening, with the official signing of the agreement expected on Wednesday. The same day, a major announcement is expected from US oil giant Chevron about expanding its activities in Venezuela.
The Trump administration sees increased Venezuelan production as an opportunity to increase supply on international markets and influence fuel prices in the U.S. President Donald Trump has previously held meetings with executives of major oil companies at the White House, at a time when gasoline prices are under pressure due to developments in the Middle East.
"We are liberating American energy dominance!" Trump wrote on his Truth Social network after the meeting.
US Secretary of State Marco Rubio has meanwhile stated that the agreement aims to help "normalize the Venezuelan economy" and increase oil production through private investment and US support.
According to Rubio, a large part of the areas included in the agreement have previously been under the influence of Russian and Chinese companies and interests.
The agreement comes at a time when Venezuela's oil industry, despite its extraordinary reserves, has been facing years of lack of investment, infrastructure problems and accusations of corruption.
One of the most contentious points remains the involvement of businessman Alejandro Betancourt, who has been linked to corruption deals and investigations in the Venezuelan oil sector in the past. US officials have defended his involvement, describing him as an experienced operator who could help boost production.
For the Trump administration, control over Venezuela's energy sector also has a strong geopolitical dimension. Washington aims to reduce the influence of Beijing and Moscow in one of the countries with the world's largest oil reserves, while at the same time seeking to increase oil supplies to the US market.
In this way, the new agreement marks an important turning point in relations between Venezuela and the United States, placing the strategic oil sector at the center of a new economic and political relationship between the two countries.
