Bond market in open revolt as Trump declines Iranian peace deal and oil hits $92 a barrel– fortune.com
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EXCERPT:
President Trump’s plan for the U.S. to own majority control of Venezuelan oilfields harks back to a century-old era of colonialism and backroom dealmaking with Venezuelan oilmen and politicians, energy and geopolitical analysts told Fortune’s Jordan Blum.
“If the U.S. scheme in Venezuela sounds colonial, that’s because it is,” said Gregory Brew, senior analyst with the Eurasia Group. “This is the Trump administration trying to increase U.S. revenue from Venezuelan oil production. It’s extremely unusual. It’s probably unprecedented in the history of the international oil industry.”
Under the deal, the U.S. would control more than 65 billion barrels of proven oil reserves in Venezuela.
The agreement would give the U.S. Department of Defense a 55% stake in the private Venezuelan oil producer North American Blue Energy Partners. NABEP is controlled by the Venezuelan businessman Alejandro Betancourt López and his family. López has fostered close relationships with both the Trump and Rodríguez administrations.
“From a certain angle, this looks like an insider deal to profit businessmen who are close to Delcy and who are also close to Trump and his inner circle,” Brew told Fortune.