Geopolitics · Wednesday, 2 September 2026
Venezuela's assembly backs oil deal with the US
Venezuela's ruling party-dominated National Assembly voted through an oil deal with the US administration ahead of a visit to Caracas by US Energy Secretary Chris Wright. Under the deal, private firm North American Blue Energy Partners receives a hundred-year lease over 17 oilfields with an initial production target of 1.5 million barrels a day, in exchange for 19 dollars from every barrel sold to the US flowing to the Venezuelan state. Some opposition lawmakers abstained, criticising the fact that the deal's full terms have not yet been published.