Venezuela's 65 Billion Barrel Oil: U.S. Opens Door for Chevron and Pentagon

The U.S. has signed a partnership deal with Chevron and the Pentagon to develop Venezuela's 65 billion barrel oil reserves. Chevron plans to expand its operations in Venezuela, while the Pentagon will hold a 35% stake in the new entity. The Trump administration justified the deal by citing Venezuela's acting President Delcy Rodríguez's authority, despite the Venezuelan Constitution requiring National Assembly approval. Analysts warn of legal and political risks, while the U.S. argues it must work with existing structures to ensure stability during Venezuela's transition. The Trump administration views Venezuela's oil as a path away from Middle Eastern dependence, a goal that began with Chávez's 2007 nationalization, which forced major companies like ExxonMobil to leave. Chevron is the only major U.S. oil company currently operating in Venezuela. Trump's push for U.S. companies to return to Venezuela has faced skepticism, including from ExxonMobil CEO Darren Woods, who called the country 'uninvestable.'