Trump says US has a deal to take huge stake in Venezuela oil reserves

… 2.52981C15.2628 2.34756 15.0105 2.24705 14.7488 2.25023Z" /></g></g></svg><span class="text-type-general-m">LinkedIn</span></a></li><!--]--></ul></div><p role="status" aria-live="polite" class="sr-only"></p></div></div></div></div><div class="flex w-full flex-col gap-1"><!----></div></div><!--]--></div><!--]--></div></div><div class="article-row-with-three-columns__right-column hidden md:flex md:flex-col" data-testid="article-column-right" data-v-8d32737f><div class="mx-auto w-full text-left flex flex-col gap-5" data-v-8d32737f><!--[--><div style="" class="flex flex-col pt-[2.375rem] sm:pt-5 md:pt-[1.875rem]"><div id="mrec2-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="mrec2" class="relative" data-ad-refresh="30" aria-hidden="true" data-target="pos=2"></div></div></div><!--]--></div></div></div></div><!--]--><!--[--><div class="article-row-with-three-columns w-full" data-v-8d32737f><div class="mx-auto max-w-[1350px] gap-x-[30px] px-5 sm:px-[30px] md:grid md:grid-cols-[1fr,300px] lg:grid-cols-[300px,1fr,300px]" data-testid="article-column-left" data-v-8d32737f><div class="hidden lg:block" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><!--]--></div></div><div class="mx-auto w-full max-w-[630px] text-left" data-testid="article-column-center" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">President <!--[-->Donald Trump<!--]--> announced on Friday that Venezuela agreed to give the U.S. majority of control of more than 65 billion barrels of proven oil reserves in the South American country, a deal he said would more than double U.S. oil reserves and eventually lower gas prices.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The announcement comes amid widespread frustration over high gas prices as a result of the Iran war, which has also depleted the U.S. strategic petroleum reserve.</p><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem]"><div id="mrec5-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="mrec5" class="relative" data-ad-refresh="30" aria-hidden="true" data-target="pos=5"></div></div></div><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“This Transaction will greatly strengthen the already growing relationship between Venezuela and the United States!” <!--[-->Trump<!--]--> <a href="https://truthsocial.com/@realDonaldTrump/posts/117175567133618952" class="text-[var(--color-link-default)]"><!--[-->wrote on Truth Social<!--]--></a>.</p><!--]--></div></div><div class="article-row-with-three-columns__right-column hidden md:flex md:flex-col" data-testid="article-column-right" data-v-8d32737f><div class="mx-auto w-full text-left flex flex-col gap-5" data-v-8d32737f><!--[--><!--]--></div></div></div></div><!--]--><!--[--><div class="article-row-with-three-columns w-full" data-v-8d32737f><div class="mx-auto max-w-[1350px] gap-x-[30px] px-5 sm:px-[30px] md:grid md:grid-cols-[1fr,300px] lg:grid-cols-[300px,1fr,300px]" data-testid="article-column-left" data-v-8d32737f><div class="hidden lg:block" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><!--]--></div></div><div class="mx-auto w-full max-w-[630px] text-left" data-testid="article-column-center" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The agreement would cover a fraction of Venezuela’s 300 billion barrels of proven oil reserves. Venezuela’s estimated crude oil reserves are among the largest in the world, representing about 20 percent of total supply, according to the Energy Information Administration.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">Trump credited Secretary of State Marco Rubio and Defense Secretary <!--[-->Pete Hegseth<!--]--> with negotiating the deal with Venezuelan President <!--[-->Delcy Rodriguez<!--]-->, who was installed as the leader after the U.S. launched a military operation to seize <!--[-->Nicolas Maduro<!--]-->. Energy Secretary <!--[-->Chris Wright<!--]--> was scheduled to fly to Venezuela next week, three people in the oil industry familiar with the plans said, though it was unclear whether the trip was connected to <!--[-->Trump<!--]-->’s Friday announcement.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">Several independent oil companies signed contracts earlier this month to drill for oil in Venezuela, though none of them have any history working in a region challenged by lack of investment and chaotic governing. Giant oil company Chevron has also been operating in Venezuela for years.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The U.S. has largely controlled exports of crude oil from the South American nation since snatching <!--[-->Maduro<!--]--> from his home in early January. The news appears to give the <!--[-->Trump<!--]--> administration more direct control over the country’s fields, though developing the tar-like deposits of oil and shipping it to the coast for export is likely to take years.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">A U.S. official, granted anonymity to share details of the arrangement, described the deal as a new private joint venture between the U.S. government and an “experienced private operator in Venezuela,” but did not name the company.</p><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] md:hidden ml-[calc(50%-50vw)] w-screen max-w-none"><div id="banner_btf_201-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_201" class="relative" aria-hidden="true" data-target="pos=201"></div></div></div><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The new venture will be the second-largest private oil company in the world, after Saudi Aramco, the official said, with the U.S. effectively controlling 55 percent of the venture’s output through a combination of equity ownership and guaranteed access to oil at cost.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“As the company scales production, the resulting stable supply of at-cost oil in our Hemisphere will go toward filling the U.S. strategic petroleum reserve and fulfilling the supply needs of our Great U.S. Military,” the official said.</p><!--]--></div></div><div class="article-row-with-three-columns__right-column hidden md:flex md:flex-col" data-testid="article-column-right" data-v-8d32737f><div class="mx-auto w-full text-left flex flex-col gap-5" data-v-8d32737f><!--[--><div style="" class="flex flex-col min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem]"><div id="mrec_btf_101-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="mrec_btf_101" class="relative" aria-hidden="true" data-target="pos=101"></div></div></div><!--]--></div></div></div></div><!--]--><!--[--><div class="w-full"><div class="mx-auto max-w-[1350px]"><div class="mx-auto w-full text-left"><!--[--><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] hidden md:block"><div id="banner_btf_202-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_202" class="relative" aria-hidden="true" data-target="pos=202"></div></div></div><!--]--></div></div></div><!--]--><!--[--><div class="article-row-with-three-columns w-full" data-v-8d32737f><div class="mx-auto max-w-[1350px] gap-x-[30px] px-5 sm:px-[30px] md:grid md:grid-cols-[1fr,300px] lg:grid-cols-[300px,1fr,300px]" data-testid="article-column-left" data-v-8d32737f><div class="hidden lg:block" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><!--]--></div></div><div class="mx-auto w-full max-w-[630px] text-left" data-testid="article-column-center" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The deal isn’t final yet, said one of the oil industry executives, who was familiar with the plan and granted anonymity to discuss non-public details. “It’s complicated, it’s built on a legal environment that does not exist. The Venezuela constitution does not allow for anyone other than PDVSA to own rights to oil and gas in the country,” the person said.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">But the White House is still keen to promote the idea, this person said. “The end of story is the president wants to say we have billions of barrels of oil in reserve. That would act as a price stabilization nuclear bomb. Oh, the Iranians have blocked Hormuz? The president could say. ‘I have 65 billion barrels in reserve.’”</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">Any company looking to join the <!--[-->Trump<!--]--> administration in such a venture would face a number of problems, said <!--[-->David Goldwyn<!--]-->, president of international energy advisory firm Goldwyn Global Strategies. Those include the lack of pipelines in the country, constrained export facilities and the possibility of new administration in either country deciding they don’t want to participate in the deal.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">A bigger problem might be the reputational and financial hit such a company might take, Goldwyn added.</p><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] md:hidden ml-[calc(50%-50vw)] w-screen max-w-none"><div id="banner_btf_203-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_203" class="relative" aria-hidden="true" data-target="pos=203"></div></div></div><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“I have to wonder why a U.S. company ... would want to put a target on its back and become a national pariah by taking up a noncompetitive undertaking with the U.S. government,” <!--[-->Goldwyn<!--]--> said. “And if your obligation is to sell a share or all of your production into the United States, rather than being able to put it on the open market, you are locking yourself into a less optimal [profit] than you’d have with any other project.”</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The announcement comes as <!--[-->Trump<!--]--> stares down a challenging midterm election in which the cost of living, including high gas prices because of the ongoing war with Iran, is a key issue dogging Republicans on the campaign trail. The average price of a gallon of gas was $4.09 as of Friday, according to AAA, hovering at the highest prices on record for this time of year.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">Experts have said that on top of the difficult task of tapping Venezuela’s fields, the country’s energy infrastructure has deteriorated significantly over the decades and needs billions of dollars in new investment to become functional at scale.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">U.S. refiners are well-positioned to process Venezuela’s heavy crude, but U.S. those plants have been running at near-maximum capacity for weeks and are not positioned to handle any significant infusion of new crude.</p><!--]--></div></div><div class="article-row-with-three-columns__right-column hidden md:flex md:flex-col" data-testid="article-column-right" data-v-8d32737f><div class="mx-auto w-full text-left flex flex-col gap-5" data-v-8d32737f><!--[--><div data-testid="site-horizontal-collection" class=""><header class="flex items-center justify-center py-[0.9375rem] uppercase"><h2 class="text-xs font-bold leading-[1.2] tracking-[0.1rem]">Watch: The Conversation</h2></header><div class="flex overflow-x-hidden"><div class="relative flex w-full shrink-0 flex-col px-[0.9375rem]"><div class="border border-border-default h-full"><div class="relative"><!--[--><aside class="" data-testid="site-video-6404505605112" data-v-9c8b7bbd><figure class="video-object relative" data-v-9c8b7bbd><div class="video-player" data-v-9c8b7bbd><video id="politicoPlayer_6404505605112" data-account="1155968404" data-player="r1WF6V0Pl" data-video-id="6404505605112" data-embed="default" data-is-initted="false" data-is-live="false" data-is-autoforward="true" data-is-autoplay="false" class="video-js" controls poster="https://www.politico.com/dims4/default/resize/270/quality/90/format/webp?url=https%3A%2F%2Fcf-images.us-east-1.prod.boltdns.net%2Fv1%2Fstatic%2F1155968404%2F6b847f4b-b115-4396-9da4-e0e02333151b%2F69552476-920b-471e-ab4e-3adfd6bb08bb%2F1280x720%2Fmatch%2Fimage.jpg" data-v-9c8b7bbd></video></div><!----></figure></aside><!----><!--]--><!----></div><div class="p-[0.9375rem] relative"><!----><a href="https://www.politico.com/video/2026/09/02/stephen-a-smith-on-trump-democrats-and-the-politics-of-chaos-2156846" class="js-tealium-tracking [&amp;&gt;span]:hover:text-blue-denim-88 font-bold">Stephen A. Smith on Trump, Democrats and the politics of chaos</a><!----></div></div></div></div></div><!--]--></div></div></div></div><!--]--><!--[--><div class="w-full"><div class="mx-auto max-w-[1350px]"><div class="mx-auto w-full text-left"><!--[--><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] hidden md:block"><div id="banner_btf_204-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_204" class="relative" aria-hidden="true" data-target="pos=204"></div></div></div><!--]--></div></div></div><!--]--><!--[--><div class="article-row-with-three-columns w-full" data-v-8d32737f><div class="mx-auto max-w-[1350px] gap-x-[30px] px-5 sm:px-[30px] md:grid md:grid-cols-[1fr,300px] lg:grid-cols-[300px,1fr,300px]" data-testid="article-column-left" data-v-8d32737f><div class="hidden lg:block" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><!--]--></div></div><div class="mx-auto w-full max-w-[630px] text-left" data-testid="article-column-center" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]"><!--[-->Rubio<!--]--> said in a social media post that the new deal would benefit both the U.S. and Venezuela.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“For the Venezuelan people, this deal will bring nearly $100 billion in private investment, support thousands of high-paying jobs, and drive the reconstruction of Venezuela’s economy,” <a href="https://x.com/SecRubio/status/2093472965404860812" class="text-[var(--color-link-default)]"><!--[-->he said on social media<!--]--></a>.</p><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] md:hidden ml-[calc(50%-50vw)] w-screen max-w-none"><div id="banner_btf_205-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_205" class="relative" aria-hidden="true" data-target="pos=205"></div></div></div><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">Details on the plan remain vague, but using the power of the U.S. government to remove some of the risk for companies that want to start drilling in the South American country could speed the development, said <!--[-->Landon Derentz<!--]-->, an energy and national security adviser in the first <!--[-->Trump<!--]--> administration and Obama administration, now at the think tank The Atlantic Council.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“If the <!--[-->Delcy Rodríguez<!--]--> government and the <!--[-->Trump<!--]--> administration can find a pathway to deploy capital, this is going to send a signal to the market that this is a place to do business,” <!--[-->Derentz<!--]--> said. “Conceptually, yes, this could work.”</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">Without U.S. support, Venezuela will not be able to expand their oil exports in a meaningful way, said <!--[-->Rich Goldberg<!--]-->, former senior council of the White House Energy Dominance Council.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“They need a lot of support, they cannot do this on their own because of the years of corruption and decay in the oil sector,” he said. “It sort of makes sense that we would be bringing a lot to the table to have an accelerated timeline for more U.S. companies to come in and develop and produce and then export.”</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">But taking direct control of Venezuelan oil fields — even if it happens — would do little to change prices anytime soon, said <!--[-->Greg Brew<!--]-->, senior analyst at geopolitics consulting firm Eurasia Group.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“The idea that this will lower domestic US gas prices at any point in the near future is...tenuous, at best,” <a href="https://x.com/gbrew24/status/2093481358278513046" class="text-[var(--color-link-default)]"><!--[--><!--[-->Brew<!--]--> said in a post on social media.<!--]--></a> “Gas prices are currently high because of the US confrontation with Iran, the war in Ukraine, and a relative shortage of global refining capacity. Some oil in Venezuela--the commercial viability of which is largely theoretical--does little to address this.”</p><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] md:hidden ml-[calc(50%-50vw)] w-screen max-w-none"><div id="banner_btf_206-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_206" class="relative" aria-hidden="true" data-target="pos=206"></div></div></div><!--]--></div></div><div class="article-row-with-three-columns__right-column hidden md:flex md:flex-col" data-testid="article-column-right" data-v-8d32737f><div class="mx-auto w-full text-left flex flex-col gap-5" data-v-8d32737f><!--[--><div style="display:none;">[@portabletext/vue] Unknown block type &quot;most-read&quot;, specify a component for it in the `components.types` prop</div><!--]--></div></div></div></div><!--]--><!--[--><div class="w-full"><div class="mx-auto max-w-[1350px]"><div class="mx-auto w-full text-left"><!--[--><div style="" class="flex flex-col mb-5 pt-[1.25rem] md:mb-[1.875rem] md:pt-[1.875rem] min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem] hidden md:block"><div id="banner_btf_207-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="banner_btf_207" class="relative" aria-hidden="true" data-target="pos=207"></div></div></div><!--]--></div></div></div><!--]--><!--[--><div class="article-row-with-three-columns w-full" data-v-8d32737f><div class="mx-auto max-w-[1350px] gap-x-[30px] px-5 sm:px-[30px] md:grid md:grid-cols-[1fr,300px] lg:grid-cols-[300px,1fr,300px]" data-testid="article-column-left" data-v-8d32737f><div class="hidden lg:block" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><!--]--></div></div><div class="mx-auto w-full max-w-[630px] text-left" data-testid="article-column-center" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The <!--[-->Trump<!--]--> administration has been frustrated by U.S. companies’ reticence to reenter Venezuela, where several companies, including Exxon Mobil, saw previous assets worth billions of dollars seized by the government after former President <!--[-->Hugo Chavez<!--]--> nationalized the industry.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">The administration has been putting pressure on <!--[-->Rodriguez<!--]--> to have the country’s state-run oil company sign contracts with American companies, and she last month unveiled new regulations offering more favorable terms to international oil companies. And top administration officials traveled to Caracas in late April to secure memorandums of understanding that laid the groundwork for the kind of deal the president announced Friday.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">But the prospect of one of the world’s wealthiest countries taking the natural resources of an impoverished country like Venezuela will cause immediate political consequences for the <!--[-->Rodriguez<!--]--> government, said <!--[-->Brett Erickson<!--]-->, managing principal of Obsidian Risk Advisors.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“The obvious risk is the people who are already very much struggling will riot and rise up and see this as being a clear raping of their resources, which it is,” <!--[-->Erickson<!--]--> said. “It doesn’t take a rocket scientist to see that this is a very corrupt deal and completely against the will of the Venezuelan people. These are their natural resources.”</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]"><!--[-->Daniel Di Martino<!--]-->, a Venezuelan-born economist and fellow at the Manhattan Institute, a conservative think tank, said the deal will unlock more oil production if it reduces the “uncertainty for oil companies regarding the returns of their investments in Venezuela post-Trump.”</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]">“That will be hard-to-impossible to do if <!--[-->Delcy<!--]--> remains in power,” Di Martino said.</p><p data-testid="plain-text-block" class="font-text text-[length:var(--dimension-typescale-body-l)] text-[var(--color-text-primary)] leading-[1.6] mt-5 md:mt-[1.875rem]"><em>James Bikales contributed to this report.</em></p><!--]--></div></div><div class="article-row-with-three-columns__right-column hidden md:flex md:flex-col" data-testid="article-column-right" data-v-8d32737f><div class="mx-auto w-full text-left flex flex-col gap-5" data-v-8d32737f><!--[--><div style="" class="flex flex-col min-h-[11.45rem] sm:min-h-[10.2625rem] md:min-h-[11.45rem]"><div id="mrec_btf_102-wrap" role="group" class="content-group ad relative flex min-h-0 flex-1 flex-col before:inset-0 before:right-0 before:z-10 before:block before:w-full before:pb-2.5 before:text-center before:text-sm before:leading-[1.05rem] before:text-gray-vulcan-44 before:content-[attr(data-ad-label)]" data-ad-label="Advertisement" aria-label="Advertisement"><div id="mrec_btf_102" class="relative" aria-hidden="true" data-target="pos=102"></div></div></div><!--]--></div></div></div></div><!--]--><!--[--><div class="article-row-with-three-columns w-full" data-v-8d32737f><div class="mx-auto max-w-[1350px] gap-x-[30px] px-5 sm:px-[30px] md:grid md:grid-cols-[1fr,300px] lg:grid-cols-[300px,1fr,300px]" data-testid="article-column-left" data-v-8d32737f><div class="hidden lg:block" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><!--]--></div></div><div class="mx-auto w-full max-w-[630px] text-left" data-testid="article-column-center" data-v-8d32737f><div class="mx-auto w-full text-left" data-v-8d32737f><!--[--><aside class="mt-space-flux-l" data-testid="article-tags"><span class="flex items-center gap-space-flux-micro-s text-type-label-m font-medium text-text-primary"><svg class="icon" height="16px" role="presentation" version="1.1" viewBox="0 0 18 18" width="16px" xmlns="http://www.w3.org/2000/svg" aria-hidden="true"><!----><g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g fill="currentColor"><path d="M8.25 1.5C8.44891 1.5 8.63962 1.57907 8.78027 1.71973L16.2803 9.21973C16.5732 …