Donald Trump has deepened his informal influence over Venezuela through a controversial oil deal that has raised serious concerns about the country’s sovereignty and long-term stability. The agreement, which grants the U.S.-backed company North American Blue Energy Partners (NABEP) rights to extract up to 65 billion barrels of crude oil from 17 Venezuelan fields over the next century, has been described by critics as effectively turning Venezuela into a de facto U.S. protectorate. The deal was announced by the White House after months of negotiations with the interim government led by President Delcy Rodríguez, who has aligned herself closely with Washington since the ousting of former leader Nicolás Maduro in January 2026. The terms of the agreement include a 35 percent stake held by the U.S. Department of Defense within NABEP, while the State Department retains the right to purchase 20 percent of the extracted oil for strategic reserves. According to official statements, NABEP will invest approximately $100 billion to rehabilitate Venezuela's aging oil infrastructure and pay around $200 billion in taxes over the next 25 years. However, these figures have been met with skepticism, particularly given the financial history of NABEP’s owner, Alejandro Betancourt, a businessman deeply tied to the late Venezuelan leader Hugo Chávez and currently under investigation for alleged money laundering and fraud related to state-owned oil company PDVSA. Betancourt, whose family controls NABEP, has built a reputation as both a key player in Chávez’s era and a controversial figure in modern Venezuelan politics. His business ventures began in the early 2010s, when he secured lucrative contracts to build power plants across the country despite lacking experience in the energy sector. These projects were later found to have resulted in significant overpayment, with estimates suggesting that nearly $2.9 billion was paid above market value. Following this, Betancourt expanded into the oil industry by acquiring mature fields near Lake Maracaibo, forming the foundation of NABEP. Critics argue that the U.S. involvement in Venezuela’s oil sector represents a troubling shift toward institutionalizing corruption and undermining democratic governance. Laura Cristina Dib, director of the WOLA program focused on Venezuela, warns that the agreement risks further eroding democratic institutions in the region. She points out that the U.S. is not merely supporting a transition to democracy but instead reinforcing authoritarian structures by aligning with figures known for their ties to past regimes and questionable business practices. The deal has sparked widespread confusion and concern among Venezuelans, with both supporters and opponents expressing unease. While some see it as a necessary step toward economic recovery, others fear it will deepen political instability and foreign interference. The U.S. justification for the agreement, that it would boost oil production and lower gasoline prices domestically, has not convinced many Venezuelans, especially given the broader context of ongoing humanitarian crises and political repression. As the agreement moves forward, its implications remain uncertain. With the U.S. military and intelligence agencies playing a central role in overseeing the operation, the future of Venezuela’s oil resources, and its political independence, now appears increasingly intertwined with American interests. The situation continues to evolve, with little sign of immediate resolution or change in direction.
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