Trump’s big Venezuela deal leaves U.S. oil industry blindsided
Industry leaders are worried the deal short-circuits ongoing commercial talks and cuts them out of some of Venezuela's most prospective targets.
An oil pumpjack at Lake Maracaibo in Cabimas, Venezuela, in January | REUTERS
Sep 5, 2026
President Donald Trump has boasted that his sweeping oil accord with Venezuela — effectively giving the U.S. control over much of the nation’s crude wealth — is possibly “the greatest deal ever made.”
Some U.S. oil executives beg to differ.
Indeed, the arrangement has caused a wave of unease and alarm among industry leaders who worry it short-circuits ongoing commercial talks and cuts them out of some of Venezuela’s most prospective targets.
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