US government confirms 100-year oil concession in Venezuela with firm led by controversial businessman Alejandro Betancourt

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US government confirms 100-year oil concession in Venezuela with firm led by controversial businessman Alejandro Betancourt

⚡ Markets: Potentially brings significant Venezuelan supply back to Western-aligned markets over the long term, which could be bearish for long-dated oil futures. However, the deal's stability and Betancourt's involvement introduce significant political risk.WTIChevronVenezuelan bonds

The White House detailed a deal giving a US-backed joint venture a 100-year lease to operate 17 Venezuelan oil fields. The partner company, North American Blue Energy Partners, is owned by Alejandro Betancourt, a Venezuelan tycoon previously investigated in Europe. China has demanded its interests in Venezuela be protected.

West MSM 4Non-West Ind. 1West Left 1Regional 26 countries

8 sources across the spectrum

Non-West Ind.Al Jazeera — US energy secretary will travel to Venezuela to unveil oil arrangement

West LeftTruthout — White House Says Venezuela Oil Grab Includes 100-Year Leases to 17 Oil Fields

West MSMAP — Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says

West MSMFrance 24 — Alejandro Betancourt, the controversial Venezuelan oil tycoon Trump is banking on

West MSMEl País — La Casa Blanca confirma la “privatización” del sector petrolero venezolano con un contrato de un siglo

RegionalSouth China Morning Post — China demands rights guarantee as US firm secures 100-year Venezuelan oil deal

RegionalMercoPress — The Venezuelan oil concession goes to Alejandro Betancourt's firm, under investigation in Europe

West MSMNPR — Days after Trump announces Venezuela oil deal, White House fills in some of the details

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