US defends deal with Venezuelan oil baron for control of 17 oilfields

The US administration is defending an unprecedented agreement with Venezuelan businessman Alejandro Betancourt's NABEP, granting the US preferential access to output from 17 major oilfields and a 35% equity stake via the Pentagon's Office of Strategic Capital. The deal marks a significant US government entry into Venezuelan oil assets, raising questions about legal basis and geopolitical implications. The move is controversial due to Betancourt's profile and the unusual role of the Pentagon in commercial oil operations.