The oil

America’s murky deal to secure a fifth of Venezuela’s oil

It was a typically Trumpian announcement. On August 28th, the American president declared what he called “the biggest oil deal in world history”, an agreement he said would give America “majority control” of more than 65bn barrels of Venezuelan crude: around one fifth of the country’s vast proven reserves. Details were conspicuously absent, but the president said it involved “a partnership with private business” and would be “at no cost to the American taxpayer”. He described Delcy Rodríguez, Venezuela’s unpopular and unelected leader, as the “Highly Respected Interim President of Venezuela”. Ms Rodríguez joined in the mutual obsequence, offering her “deepest gratitude” to Mr Trump for a deal she said will contribute to “our country’s economic growth, the energy security of our hemisphere and greater balance in international markets”.

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So this is who we are now?