Source: Reuters
“A massive long-term oil deal expected to grant the U.S. access to a fifth of Venezuela’s crude reserves has energy experts and lawyers questioning its legality and eventual execution, while calling on both governments for contract transparency. The unprecedented pact, announced by U.S. President Donald Trump on Friday and confirmed by Venezuela’s interim President Delcy Rodriguez, will put a whopping 65 billion barrels of recoverable oil under Washington’s control, a volume that surpasses total U.S. proved oil reserves of 46 billion barrels. The agreement did not pass through a competitive process, and its negotiation remained a secret until last week, even amid a sweeping reform of Venezuela’s primary hydrocarbons law and the migration of dozens of joint ventures and contracts to new terms, which authorities and operators have not completed.” (08/31/26)