Wright Defends 65 Billion-Barrel Venezuela Oil Deal as Critics Call It Gunpoint Diplomacy
Updated
Updated · The Guardian · Sep 2
Wright Defends 65 Billion-Barrel Venezuela Oil Deal as Critics Call It Gunpoint Diplomacy
3 articles · Updated · The Guardian · Sep 2
Summary
Chris Wright, arriving in Caracas four days after Donald Trump unveiled the pact, rejected claims Washington was trying to "take" Venezuelan oil or violate the country's constitution.
The White House says the agreement gives the US control of 65 billion barrels, secures "energy dominance" for a century and pushes China and Russia out of Venezuela's oil sector.
Criticism has spread across the political spectrum, with the Wall Street Journal likening the arrangement to coercive strongman politics and economist Francisco Rodríguez saying no Venezuelan government would sign it without being held "at gunpoint."
Delcy Rodríguez, installed as interim president after Nicolás Maduro's US seizure in January, has embraced the deal as a "win-win" that could generate more than $209 billion, while Venezuelan opposition figures fear it reduces pressure for democratic elections.
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.