The Trump administration defended a major agreement granting the United States control over a significant portion of Venezuela’s oil reserves, arguing that it would support the country’s economic recovery and help restore democracy. Last week, former President Donald Trump announced a "groundbreaking" deal that would give the U.S. "majority" control over 65 billion barrels—about one-fifth—of Venezuela’s oil reserves. U.S. officials claimed the agreement would create a stable economic foundation to rebuild democracy in Venezuela, which has been under autocratic rule for nearly 30 years, first under Hugo Chávez and later under Nicolás Maduro. The deal, reached after months of secret negotiations, has drawn criticism from Venezuelan opposition groups, who remain frustrated that democracy has not returned to the country eight months after U.S. special forces removed Maduro from power. According to a White House fact sheet released on Monday, the agreement grants the U.S.-backed North American Blue Energy Partners (Nabep) 100-year rights over 17 oil fields, described as "the biggest oil deal in world history." Nabep is owned by Alejandro Betancourt, a Venezuelan businessman with a controversial background. U.S. officials said allowing Nabep to take over some oil fields would provide capital to increase production quickly, generating royalty revenue for the government. Initially, the revenue would go to the interim government, but eventually, it would support the democratically elected government. The decision to take over oil fields previously controlled by Chinese and Russian companies came as Trump met with oil industry executives to discuss ways to convert crude oil into gasoline and lower prices for consumers. Energy Secretary Chris Wright was set to travel to Caracas, the capital of Venezuela, to follow up on the deal, which Trump called a "historic transaction" to bolster U.S. strategic oil reserves. This agreement has taken on added urgency due to the rising cost of fuel, which spiked after Trump's decision to go to war with Iran in February. Iranian forces retaliated by closing the Strait of Hormuz, a key oil shipping route, causing petrol prices to rise to about $4.10 per gallon—up from under $3 before the conflict began. The higher fuel prices have contributed to economic strain and a drop in Trump’s popularity, with polls showing many voters disapprove of his handling of the war and the economy. The oil deal was announced against a backdrop of economic uncertainty, with the agreement backed by Venezuela’s national assembly, which is dominated by the ruling United Socialist Party. The country’s president, Delcy Rodríguez, who was previously backed by Trump after the removal of Maduro, defended the deal, calling its benefits "endless." However, opposition critics argue that the Trump administration has not taken meaningful steps to promote democratic reforms or hold new elections since Maduro’s arrest. Instead, the administration has worked with Rodríguez, Maduro’s former vice president, despite her past hostility toward the U.S. and her role in suppressing opposition in a regime that Washington claims has stolen recent elections. A U.S. official stated that talks between the Venezuelan government and the opposition were set to resume later this month, emphasizing the administration’s goal to prevent a newly elected democratic government from inheriting a country in crisis. The administration continues to frame the oil deal as a necessary step to stabilize Venezuela’s economy and support the transition to democracy.