New deal: Trump gives the Pentagon influence over Venezuelan oil.
New deal: Trump gives the Pentagon influence over Venezuelan oil.
2026-08-30
Shafaq News – Washington
US President Donald Trump has given the Department of Defense significant influence over Venezuelan oil after concluding an “oil deal” with its interim president days ago.
The Wall Street Journal, citing sources familiar with the talks between Washington and Caracas, reported that Trump and Delcy Rodriguez agreed on the broad outlines of the deal during a phone call days before it was officially announced.
Sources said the United States plans to acquire a 35% stake in North American Blue Energy Partners, with Washington gaining preferential rights to purchase 20% of its production at cost price.
The U.S. Department of Defense plans to finance the investment through low-priced tradable bonds in exchange for a stake in the company.
A high-level delegation from the Pentagon and the State Department visited Venezuela in July to finalize the terms of the deal.
According to the Wall Street Journal, the US administration enlisted the help of Venezuelan businessman Alejandro Betancourt to reach the deal and implement the projects associated with it, due to his connections within Venezuela.
US officials said the Washington-backed company could become the world’s second-largest company in terms of proven oil reserves after Saudi Aramco.
The Trump administration pushed for this plan after feeling the need to secure a long-term source of crude oil in the Western Hemisphere, given the decline in global energy supplies due to the war with Iran.
Trump also sought to gain a political advantage by presenting the Venezuela deal as a way to protect Americans from the repercussions of Middle East unrest before the midterm congressional elections in November.
shafaq.com
