US Defends 65 Billion-Barrel Venezuela Oil Deal as $4.10 Gasoline Pressures Trump
Updated
Updated · The Guardian · Sep 2
US Defends 65 Billion-Barrel Venezuela Oil Deal as $4.10 Gasoline Pressures Trump
3 articles · Updated · The Guardian · Sep 2
Summary
US officials said the pact handing US-backed Nabep majority control over 65 billion barrels of Venezuelan reserves would create revenue to rebuild the country and support a future elected government.
The White House says the 100-year agreement covers 17 oil fields and will let Nabep ramp up production quickly, helping refill US strategic reserves and ease fuel costs after the Iran war disrupted global supply.
Petrol prices averaging about $4.10 a gallon, up from under $3 before the war, have hurt Trump politically and sharpened the administration's push for new crude access after Hormuz closures hit 20% of world oil flows.
Venezuela's national assembly backed the deal on Tuesday, but opposition critics say Washington is prioritizing oil and working with President Delcy Rodriguez instead of forcing elections eight months after Maduro's removal.
Talks between the Venezuelan government and opposition are due to resume later this month, leaving the oil pact at the center of a broader dispute over whether economic stabilization can precede democratic restoration.
Will a 100-year oil mega-deal truly rebuild a shattered nation, or is it an unprecedented geopolitical resource grab?
Can a massive investment resurrect a devastated oil industry fast enough to ease the global energy crisis?
100 Years of Oil: The 2026 U.S.-Venezuela Energy Pact, Military Regime Change, and Global Fallout
Overview
In early 2026, the U.S. military intervened in Venezuela, capturing President Maduro and installing Delcy Rodríguez as interim president. This move, driven by a global oil crisis after Iran closed the Strait of Hormuz, led to a controversial 100-year oil deal granting U.S.-backed NABEP control over major Venezuelan oil fields. While the deal aimed to secure American energy needs and stabilize gasoline prices, it bypassed Venezuelan law and legislative oversight, sparking domestic and international backlash. The fragile legal framework, decayed oil infrastructure, and deep public distrust highlight the risks of foreign intervention and the challenges of rebuilding Venezuela’s oil sector and sovereignty.