Trump’s “Historic Deal” With Venezuela Isn’t Fooling Oil Traders
BP Adds 80 MMcf/d to Egypt’s Gas Supply Two Years Ahead of Schedule What I Cover My focus spans the global energy landscape and the technologies reshaping it, specifically focusing on oil and gas, renewables, and tech-driven market… Two days after President Trump called his new Venezuela agreement “the biggest oil deal in world history,” the story has already moved past the barrels themselves.
A Pentagon spokesman contradicted the reported ownership structure.
The company positioned to run the fields changed hands under murky circumstances just weeks before the deal was announced.
And the revenue figures Caracas released over the weekend fall apart under basic math.
Trump announced the deal Friday on Truth Social, saying Secretary of State Marco Rubio and Defense Secretary Pete Hegseth had negotiated with Venezuela's interim President Delcy Rodriguez to secure majority U.S.
control of more than 65 billion barrels of Venezuelan oil reserves.
Rodriguez called it “historic” in a televised address Saturday night, describing a 25-year agreement covering 17 oilfields with a production target of 1.5 million barrels a day.
Neither side has released the text of the agreement.
As for the oil market, it isn't behaving like anything historic just happened.
Brent crude jumped more than 2%Monday morning, not over anything related to Venezuela, but because the U.S.
struck Iranian rocket launchers positioned near the Strait of Hormuz.
Whatever is actually moving oil prices this week, it isn't this deal.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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