What are the implications of the U.S.-Venezuela oil deal? | Inside Story

A controversial, opaque oil agreement between the United States and Venezuela aims to grant U.S. companies access to 65 billion barrels of crude, representing a significant portion of Venezuela’s vast reserves. While the deal promises $209 billion in fiscal revenue over 25 years, it faces intense scrutiny due to a lack of transparency, the absence of legislative approval from Venezuela’s National Assembly, and concerns regarding potential corruption. Experts, including political risk analyst Jose Chalhoub, commodity specialist Cornelia Meyer, and economist Francisco Rodriguez, highlight the legal uncertainty and the daunting challenge of revitalizing Venezuela's dilapidated oil infrastructure. With the nation suffering from severe economic collapse and recent earthquake damage, the agreement remains a point of contention, with critics labeling it an illegal giveaway that ignores constitutional requirements and fails to guarantee tangible benefits for the struggling Venezuelan population.