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US officials defended President Donald Trump’s multibillion-dollar oil agreement with Venezuela on Tuesday, arguing the deal will reduce domestic fuel prices and curb Russian and Chinese influence in the Western Hemisphere.
Venezuela’s National Assembly backed the deal, which grants the United States control over roughly one-fifth of the nation’s oil reserves and preferential access to 17 oil fields.
Following a White House meeting with energy executives, President Trump touted the agreement as a step toward unleashing American energy dominance. At the same time, US Energy Secretary Chris Wright prepared to fly to Caracas to sign the final contract.
Under the agreement, Washington assumes effective control over major production assets, including a 35 per cent stake and veto power over the board of North American Blue Energy Partners (NABEP).
The arrangement allows the United States to purchase 20 per cent of NABEP’s oil output at production cost, effectively taking over fields previously operated by Chinese and Russian firms.
US officials maintained that the plan secures vital geopolitical interests, stops Venezuela from diverting oil to Cuba, and prevents corruption without blocking the country’s democratic transition.
Despite opposition lawmakers in Caracas raising concerns over undisclosed contract details, Venezuelan assembly leaders and military officials backed the deal, framing it as an economic cooperation plan that brings peace and prosperity.
The Trump administration hopes the surge in supply will stabilise spiralling fuel prices driven by the ongoing conflict with Iran ahead of November’s US midterm elections.
