US backs Trump’s controversial Venezuela oil deal

US officials on Tuesday defended President Donald Trump’s multibillion-dollar oil deal with Venezuela, arguing that it could help bring down fuel prices for American consumers while curbing Russian and Chinese influence in the region.

Venezuela’s government-controlled National Assembly on Tuesday approved the agreement, which gives the United States control over roughly one-fifth of the country’s oil reserves.

The deal has drawn significant scrutiny as Washington maintains an unprecedented level of influence over Caracas following the ousting of Venezuelan President Nicolas Maduro in January.

Trump met with oil industry executives at the White House as his administration seeks to contain surging fuel prices linked to the war with Iran. The White House hopes increased Venezuelan oil production will help ease pressure on global energy markets.

“We are unleashing American Energy Dominance!” Trump wrote on Truth Social following the meeting.

US Energy Secretary Chris Wright was due to travel to Venezuela on Tuesday ahead of the formal signing of the agreement on Wednesday. Chevron is also expected to announce a major expansion of its Venezuelan operations.

A senior US official said the agreement primarily serves American national interests by ensuring reliable access to oil at production cost, while also arguing that it could support Venezuela’s long-term economic recovery.

The official rejected suggestions that the arrangement would strengthen the interim government led by Maduro’s former vice president, Delcy Rodriguez, insisting that it would not obstruct Venezuela’s democratic transition.

US control of oil assets

In Caracas, some opposition lawmakers abstained from the vote, saying they should be allowed to examine the full written terms of the agreement before approving it.

“We need and are obliged to know what is written in the fine print,” opposition lawmaker Luis Emilio Rondon said.

National Assembly leader Jorge Rodriguez defended the agreement, arguing that the deal would ensure Venezuelans benefit from the country’s oil resources rather than leaving them underground.

Defense Minister Gustavo Gonzalez Lopez also endorsed the agreement, describing it as a path toward greater prosperity and economic cooperation rather than political subordination.

The agreement gives the United States preferential access to 17 oil fields, including facilities previously operated by Russian and Chinese companies. Washington says the arrangement will shift control of key assets away from Beijing and Moscow and bring them closer to the United States.

The deal has also sparked controversy over the involvement of Venezuelan businessman Alejandro Betancourt, who heads North American Blue Energy Partners (NABEP), the country’s second-largest private oil company.

The US government is taking a 35% stake in NABEP under the agreement. Betancourt has previously faced allegations linked to corruption at Venezuela’s state-run PDVSA oil company.

The US official defended him as an experienced operator, while acknowledging that geopolitical interests can sometimes require working with controversial figures.

Under the agreement, NABEP will give Washington the right to purchase 20% of its oil output at production cost. US citizens will hold a majority of seats on the company’s board, giving Washington effective control, while the US government will also have veto power over board appointments.

US officials say greater American control could help tackle corruption in Venezuela’s struggling oil industry and prevent Caracas from diverting large quantities of oil to allies such as Cuba.

Lower fuel prices have become a major priority for the Trump administration ahead of November’s US midterm elections, when Republicans face the possibility of losing control of Congress.