What Is The U.S. Actually Doing In Venezuela?
- 24.10.2026, 12:59
The opposition is calling for the promised changes.
The administration of U.S. President Donald Trump controls the sale of Venezuelan oil and manages the proceeds from its export, but opaque agreements with representatives of the former regime are hindering investment and casting doubt on democratic change in the country. Instead of supporting the opposition, Washington is cooperating with former allies of Nicolás Maduro, and a date for new elections has yet to be set, writes The Atlantic.
Trump promised that American oil companies would invest billions of dollars in reviving the industry, and that the Venezuelan people would be the main beneficiaries. But in oil-producing regions, there are still problems with drinking water, power outages are common, and residents are forced to make a living by fishing.
The economic deal also raises questions due to a lack of transparency. Revenues from oil sales are deposited into a special account, but U.S. authorities have not disclosed full financial reports on the flow of funds. Analysts estimate the value of oil sold since January at more than $13 billion, but this figure has not been officially confirmed. Under a separate agreement, 17 oil fields were transferred to North American Blue Energy Partners, a company linked to businessman Alejandro Betancur, who has been the subject of investigations in several countries on suspicion of money laundering. No charges have been filed against him, and the deal itself has not yet led to new investments.
Harvard University economist Ricardo Hausmann described the emerging relationship as a “coalition of two kleptocracies”.
Meanwhile, Venezuelan opposition leader María Corina Machado, whose team gathered evidence of the opposition candidate’s victory in the 2024 election, remains outside the country. Hundreds of political prisoners remain in detention, and the former apparatus of repression has not been dismantled.
“Venezuela needs a legitimate government; it needs elections and change,” said opposition politician Juan Pablo Guanipa.
Without political legitimacy, it will be extremely difficult to restore investor confidence and ensure the sustainable development of the oil industry.