Trump’s Venezuela oil deal is being panned across all aisles
The biggest story in the headlines this week is the oil deal in the works between the United States and Venezuela. The Venezuelan opposition, some members of Delcy Rodriguez’s own government, the international press, and most energy experts have all strongly criticized the deal. Even Bloomberg, a usually pro-private sector and market-friendly media company, has been tossing around the terms “neo-colonial” and “resource colony” in its descriptions of the deal, which would make the US the effective owner of 65 billion barrels of Venezuelan oil.
Allies of US President Donad Trump, and Rodriguez herself, however, have held firm, describing the deal as “historic.” Trump has promised to use the newfound bonanza to refill US strategic petroleum reserves, which are at a historic low due to the wars in Ukraine, Iran, and the COVID pandemic.
But it will likely be at least a year, perhaps more, before Venezuelan infrastructure is rebuilt sufficiently to be a serious factor in US production.
In the meantime, criticism continues to roll in from very diverse sectors. One Venezuelan described the deal to PWS as “the greatest heist in Venezuelan history.”
Former Ecuadorian President Lenin Moreno convicted of corruption
Lenin Moreno, who held the presidency in Ecuador from 2017 to 2021, has been convicted of arranging bribes to associates and family members in return for giving the construction contract of a hydro-electric dam to a Chinese company.
The conviction will result in jail sentences for 19 individuals who benefitted from the deal, including Moreno’s wife, daughter, and brother.
Prosecutors alleged that the company, Sinohydro, which is owned by the Chinese state, paid a total of $76.1m through shell companies to people involved in the deal to secure the construction of the Coca Codo Sinclair hydroelectric dam.
Former plant managers, Sinohydro representatives and a Chinese ambassador to Ecuador were also convicted in the deal.
Moreno, who will serve the 5 years under house arrest, denies the charges. He is the third Ecuadorian president to be convicted of corruption in recent years.
Abelardo goes to war in Colombia
Colombian President Abelardo de la Espriella has officially ended formal talks with 3 Colombian armed groups. The measure affects negotiations with two splinter groups of the former FARC: Estado Mayor de Bloques y Frente(EMBF) and the Coordinadora Nacional Ejército Bolivariano (CNEB). It also brings an end to the process with the Autodefensas Conquistadores de la Sierra Nevada (ACSN), a group with paramilitary origins.
A bombing carried out by Colombian security forces also killed three children in Guaviare last week — provoking fierce criticisms from opposition parties in the country.
De la Espriella has invited US participation in operations within Colombia to battle the growing power of non-state and criminal armed groups, and promised to “eradicate” criminal activity through aggressive military measures which have often failed in the past.
Armed groups stepped up aggressive measures in response: drone attacks carried out byb NSAGs killed at least three police officers last week. Choco, which was heavily affected by earthquakes two weeks ago, is experiencing a rapid uptick in conflict as well, as the Colombian Gaitanista Army (EGC) — often termed the Gulf Clan in Western media — takes advantage of the chaos to push into regions currently controlled by ELN.
Abelardo wanted war. It seems like he has achieved his goal.
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Hasta pronto, piratas!
