Venezuela signs oil deal with US - critics warn of low compensation and weakened OPEC

The ruling socialist party PSUV defends the oil deal in a statement ironically emblazoned with the face of former president and US opponent Hugo Chávez. There, the agreement is described as an economic success for the country because investments and jobs will flow in. But oil experts are already warning that Venezuela appears to be receiving exceptionally low financial compensation for the giant oil reserves now under US control.

Venezuela is also rumored to be leaving the oil-producing countries' cooperation organization OPEC, which Venezuela was the initiator of when it was formed in 1960. This is also in line with the Trump administration's interests, as it weakens OPEC's ability to influence global energy prices in one fell swoop and makes the American continent an increasingly heavy player in energy policy under the US's grip.

In the short term, this is a huge success for the Trump administration as America's energy supply and geopolitical position are strengthened. But in the longer term, the deal could provoke a nationalist backlash that challenges the US's grip. And then what is an agreement signed by an interim government without democratic legitimacy and a foreign power worth?