Business

US officials defend Venezuela oil deal amid questions over rebuilding plan

The Guardian Business · 2 September 2026 at 01:18

US officials defend Venezuela oil deal amid questions over rebuilding plan

Government talks up pact but Venezuelan opposition alarmed that democracy yet to return after Maduro exit Trump administration officials on Tuesday defended a highly contentious deal giving the US control of a significant chunk of Venezuelan oil reserves, arguing that the sweeping agreement would help stabilize and rebuild democracy in the shattered South American country while giving Washington vital access to strategic crude reserves.

Last week, Donald Trump announced a “groundbreaking” deal that would give the US “majority” control over 65bn barrels – roughly one-fifth – of Venezuela’s oil reserves.

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US officials defend Venezuela oil deal amid questions over rebuilding plan

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