Venezuela’s National Assembly approves multibillion-dollar oil agreement granting the United States access to one-fifth of national reserves

Venezuela’s National Assembly approved a multibillion-dollar agreement on Tuesday that grants the United States preferential access to roughly one-fifth of the country’s oil reserves, reinforcing Washington’s significant influence over a government it supported following the removal of Venezuelan President Nicolás Maduro in January.

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US officials defended the agreement on Tuesday, stating that it would reduce fuel prices for American consumers and curb Russian and Chinese influence in a region historically considered within Washington’s sphere of interest.

However, significant questions persist regarding the arrangement, particularly as the United States maintains an unprecedented level of control over the administration in Caracas.

Late on Tuesday, US Energy Secretary Chris Wright arrived in Venezuela, with a formal signing ceremony scheduled for Wednesday. Energy major Chevron is expected to announce a substantial expansion of its operations in the country on the same day.

Earlier, former President Donald Trump convened oil executives at the White House as part of efforts to manage rising petrol prices linked to the conflict with Iran. His administration anticipates that the Venezuela agreement could contribute to stabilizing energy costs.

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

In a Spanish-language interview published on YouTube on Tuesday, Secretary of State Marco Rubio told US-based Venezuelan journalist Sergio Novelli that a private company was collaborating with the United States to “normalize the Venezuelan economy.”

“Essentially, this is now an agreement with the US government — specifically involving the Defense Department, which holds a special account allowing it to take possession of a certain percentage of these assets,” Rubio stated.

“Now, we have a system where this company will increase production. With US support, it will be able to attract the private investment needed to develop the productive capacity of these fields,” Rubio added, noting that the “vast majority” of the 17 fields were previously “in Chinese and Russian hands.”

Under US control

In Caracas, certain opposition lawmakers abstained from the show-of-hands vote to approve the agreement, contending that they should first have the opportunity to review the written terms.

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

National Assembly Chief Jorge Rodríguez asserted that revenue generated from the arrangement would benefit the Venezuelan population.

“Who benefits from this oil if it stays underground?” Rodríguez questioned.

Venezuela’s Defence Minister Gustavo González López expressed full military support for the agreement, characterizing it as a pathway to “prosperity and well-being for the country.”

“Turning a political difference into an economic cooperation agreement is simply a decision to choose peace; it is not subordination,” he affirmed.

The agreement, which grants the United States preferential access to 17 oil fields, will notably involve the transfer of facilities previously operated by Russian and Chinese companies.

One of the most debated aspects of the deal involves Alejandro Betancourt, a Venezuelan businessman with alleged connections to questionable dealings during the late Hugo Chávez’s socialist administration.

Betancourt heads North American Blue Energy Partners (NABEP), Venezuela’s second-largest private oil company, in which the US government is acquiring a 35 percent stake under the terms of the agreement. He has faced accusations of involvement in a corruption scheme at Venezuela’s state-run PDVSA oil company.

A US official, however, described Betancourt as a “proven operator,” while acknowledging that geopolitical strategies occasionally require engagement with “imperfect” individuals.

“I’m not nominating anyone for sainthood here. What I am telling you is that this is a person that, in the past, has been helpful to the United States government,” the official stated.

Under the terms of the agreement, NABEP will grant Washington the right to purchase 20 percent of the oil produced by the company at production cost, according to the White House.

US citizens must constitute a majority of the firm’s board of directors, providing Washington with effective control, and the US government will hold veto power over board appointments.

The official indicated that US oversight would eliminate corruption within Venezuela’s deteriorating oil sector while preventing Caracas from directing substantial supplies to its ally Cuba.

“It was used as a personal piggy bank” by Maduro’s government, the official added.

Lower energy prices remain a priority for the Trump administration ahead of the crucial US midterm elections in November, during which the Republican Party faces the potential loss of Congressional majorities.

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