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Venezuela Oil Deal with US Sparks Bipartisan Criticism

Financial Times Markets •
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The Trump administration's deal to take control of 65bn barrels of Venezuela's oil has drawn heavy criticism from both opposition and government-aligned figures in Venezuela. President Donald Trump announced an agreement granting a US-led company 100-year concessions over 17 oilfields accounting for more than a fifth of Venezuela's reserves, calling it the "biggest oil deal in world history." Venezuelan interim president Delcy Rodríguez claimed the deal would bring over $100bn in investment, though few details have been released about implementation or funding sources.

Opposition leaders expressed concerns about transparency and governance. Juan Pablo Guanipá acknowledged the need for foreign investment but warned that "as long as we have the same people who destroyed the country and PDVSA handling the money, we are building a skyscraper on clay." Henrique Capriles criticized the deal's "opacity and corruption" and demanded constitutional justification.

Criticism also came from former Chavismo officials. Rafael Ramírez, a former PDVSA president, called it "the greatest looting in our country's history" and warned it signaled "the end of PDVSA." Leftwing groups protested in Caracas against what they termed US "guardianship" of Venezuela, with demonstrators displaying signs reading "Yankees out of Venezuela."