Trump’s unusual deal could benefit Venezuela and the US. But it will take time | CNN Business

America needs Venezuelan oil — probably more than at any point since the oil crisis of the 1970s.

But President Donald Trump has struggled to convince American oil companies to make significant investments in Venezuela’s oil operations after the United States captured Nicolás Maduro in January and arrested him on conspiracy charges. Publicly bullying oil executives failed. So too did several deals with Maduro’s replacement, Delcy Rodríguez, to reform the country’s oil industry that she had once led.

Removing Venezuela’s leader in a complex military operation turned out to be the easy part.

But Friday’s stunning announcement — that the United States entered a deal to take majority ownership in a joint oil venture with a Venezuelan energy company — could be a game-changer. In the long run, it could serve as a win for both the US oil industry and the Venezuelan economy.

It may finally offer skeptical US companies the assurance they’ve been looking for to invest safely in Venezuela.