Century-long oil pact gives US control over 65 billion barrels of Venezuelan crude

The United States signs a 100-year concession with the private Venezuelan firm Nabep, granting a US-led company control over about 65 billion barrels of oil from 17 fields in Venezuela. Trump and interim president Delcy Rodríguez herald it as historic and beneficial, projecting hundreds of billions in investment and tax revenue, while critics warn it cedes national patrimony, raises sovereignty concerns, and that the timeline for restoring production may be optimistic given Venezuela’s deteriorating oil sector.