President Donald Trump has announced a sweeping oil accord with Venezuela that effectively gives the United States control over much of the nation’s crude wealth. Trump has praised the agreement, boasting that it is possibly the greatest deal ever made.
As part of this effort, a private oil company has struck a deal with the Trump administration to develop 17 areas within Venezuela. Experts suggest that these developments will require billions of dollars and will take years to complete. The deal comes eight months after Washington ousted former President Nicolás Maduro in a military raid.
However, the energy industry has expressed concern over the arrangement. Because industry leaders have long opposed government intervention, some executives worry that the U.S. is creating a giant with the power to push them around.
Furthermore, industry leaders fear the deal short-circuits ongoing commercial talks. There are concerns that the agreement cuts private companies out of some of Venezuela's most prospective targets.