Trump Venezuela Oil Deal, US & Iran Renew Strikes, House Back From Recess

Up First from NPR

This episode of Up First covers major international developments including a controversial U.S.-Venezuela oil deal, renewed hostilities between the U.S. and Iran, and the House of Representatives returning

Key takeaways

The U.S.-Venezuela oil deal prioritizes resource access over democratic transition, potentially undermining long-standing U.S. policy goals.

Main topics

U.S.-Venezuela oil partnership

Notable quotes

This really has the potential for a fundamental change in what Washington actually wants out of Venezuela.

Conclusion

The episode underscores how geopolitical priorities are shifting toward resource control amid ongoing conflicts and domestic political

Transcript preview

Speaker 5 (0:02) The U.S. and Venezuela struck an oil deal that President Trump says will lower gas prices. The Speaker 1 (0:07) plan depends on an unelected government staying in power. So what happens to the push for democracy in Venezuela? Speaker 5 (0:14) I'm E. Martinez, that is Leila Fadl, and this is Up First from NPR News. The war with Iran is flaring up again. The U.S. struck Iranian targets in the Strait of Hormuz, its first attack in a month. Iran fired back on American bases in Jordan and the UAE. Speaker 1 (0:31) And the House is back for one week with one main job, keep the government open. A funding bill has already cleared the Senate and President Trump is on board. With the midterm elections closing in, Republicans are searching for a message that cuts through the high prices and an unpopular president. Stay with us. We'll give you the news you need to start your day. Speaker 8 (0:56) This season on Planet Money Summer School, we have drilled for oil in Norway, we've smuggled products into North Korea, and now we make it to our seventh continent, Antarctica. Speaker 1 (1:07) That's right. Speak for me. Mr. Penguin, speak for me. Who is that? That's another Speaker 8 (1:10) sound of Antarctica. That's a reporter trying to interview a penguin. We'll explain on Planet Money Summer School. Listen on the NPR app or wherever you get your podcasts. Speaker 1 (1:21) Tanya, I think you did the best interview that I've Speaker 7 (1:24) done. Seriously. Oh, that's a great question. I think I'm going to think about that question for the rest of my life. Oh, good question. This is Tanya Mosley, co-host of Fresh Air, and the questions are only the half of it. Listen to Fresh Air on the NPR app or wherever you get your podcasts. Speaker 1 (1:45) President Trump announced the U.S. will be taking majority control of more than 65 billion barrels worth of Venezuela's oil reserves. Trump Speaker 5 (1:54) says the deal with Venezuela's unelected government will help lower gas prices. It's not clear, though, if or when that might happen. And it comes as Trump struggles domestically and can't seem to get out of a... unpopular war with Iran, it's also raising new questions. The biggest one, what happens to democracy in Venezuela? For Speaker 1 (2:13) more on the agreement, we have NPR White House correspondent Franco Ordonez. Good morning. Good morning, Laila. Okay, so the headline is big oil deal reach between the U.S. and Venezuela. What's in the fine print? Speaker 6 (2:24) Yeah, Leila, I mean, specifics are really scarce, but a U.S. official not authorized to speak publicly about the deal told me that the U.S. government is entering a joint venture with a private company in Venezuela. The U.S. has not named that company, but through this venture, the U.S. would effectively control 55 % of the venture's output through a combination of equity ownership and access to oil at cost. But as you said, no info about how long this will take, and it really could take a long time considering how run down. the Venezuela system is. Speaker 1 (2:55) We mentioned the questions about the future of democracy in Venezuela. How serious is that concern? Speaker 6 (3:01) I mean, it's very real and a growing concern. After the U.S. captured then-Venezuelan leader Nicolas Maduro earlier this year, I mean, the administration outlined a three-phase strategy for Venezuela. And it started with stabilization, then it went to reviving the economy, and then it was supposed to move to a third phase of transition and new elections. Well, this deal throws all of that into question. I was talking with Benjamin Gaddan, who led the Venezuela portfolio in the Obama White House. And he says this really has the potential for a fundamental change in what Washington actually wants out of Venezuela. On Speaker 7 (3:39) that long list of U.S. considerations,