The truth behind Donald Trump’s ‘biggest oil deal in world history’

Key Points:

• The Trump administration announced a controversial deal granting the Pentagon partial ownership in a Venezuelan oil company, North American Blue Energy Partners (Nabep), following a US raid that ousted Venezuelan president Nicolás Maduro, but experts say the deal faces significant legal and logistical challenges and is unlikely to succeed.
• The Pentagon's Office of Strategic Capital (OSC), transformed under Trump into an investment vehicle, reportedly holds warrants to purchase shares in Nabep, but is not legally authorized to own equity stakes, leading to confusion about which Pentagon office actually holds the stake.
• Venezuelan law limits oil development agreements to 25 years, contradicting Trump's claim of a 100-year deal, and experts argue the arrangement will not bring new investment to Venezuela's oil sector or help refill the US strategic petroleum reserve soon.
• Venezuelan businessman Alejandro Betancourt López, who has a complex background including past corruption allegations and international investigations, is a key partner in Nabep; despite his controversial history, he played a central role as an intermediary between the US and Venezuela's interim government.
• Major oil companies and investors remain wary of the deal due to its opacity, legal irregularities, and uncertain terms, with some experts likening it to political propaganda rather than a viable commercial agreement.