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Venezuela’s PDVSA Chief Defends Trump Deal, US Control over Export Revenues

Rodríguez and Obregón have praised the oil agreement with Trump and NABEP. (PDVSA)

Caracas, September 9, 2026 (venezuelanalysis.com) – The president of Venezuelan state oil company PDVSA, Héctor Obregón, backed the recent agreement with the Trump administration as a “win-win relationship” on Monday.

“We signed Productive Participation Contracts where we put forward crude reserves and qualified personnel. What were we missing? Foreign capital,” he said in an interview with Unión Radio.

Productive Participation Contracts (CPP) are concession-type agreements whereby energy projects are turned over to private corporations which run operations and commercialization while paying a negotiated portion of proceeds to the Venezuelan state.

The recent oil deal, hailed by Trump as “the biggest in history,” will see Venezuela transfer 17 prime oilfields, containing 65 billion in proven crude reserves, to private operator NABEP. The projects are split between extra-heavy crude fields in the Orinoco Oil Belt and mature light- and medium-crude ones in the Lake Maracaibo basin.

Obregón insisted on the mutual benefits, explaining that Venezuela will collect taxes and royalties while the US will be able to supply its domestic demand. Regarding the agreement’s timeline, which the White House has claimed to span 100 years, Obregón stated that the concession is for 25 years but may be renewed for similar periods “as many times as necessary.”

After initially vowing that NABEP would invest US $100 billion in the oilfields, a figure repeated by Venezuelan officials, the Trump administration changed the pledge to “more than $10 billion.” 

According to a White House “fact sheet” on the deal, the US State Department will be able to secure 20 percent of the NABEP’s output at cost and have a right of first refusal over the remaining 80 percent.

Obregón suggested that Washington could secure additional benefits, indicating that a reference $65 barrel would have a $15 “sales discount.” The oil official likewise estimated capital and operational expenditures at $12-15 and stated that NABEP would never secure a smaller portion of proceeds than the Venezuelan state, with the percentage increasing for greenfield projects.

The $19 revenue estimate offered by Venezuelan officials as the government’s take for a reference $65 barrel is significantly lower than the benchmarks established under the 2001 Hydrocarbon Law approved by former President Hugo Chávez and subsequent reforms. Under the previous framework, only PDVSA or PDVSA-majority joint ventures were allowed to operate oilfields, with the Venezuelan state securing as much as $0.80 for every $1 of oil proceeds in the latter case.

NABEP, owned by Venezuelan oil mogul Alejandro Betancourt, will grant a 35 percent stake at no cost to the Pentagon’s Office of Strategic Capital (OSC). Washington will likewise have veto power over NABEP’s board of directors. Betancourt has faced corruption accusations in Venezuela, with authorities issuing an arrest warrant in 2022 that was later dropped. For its part, the Trump administration has sought to halt money laundering investigations against the Venezuelan businessman both in the US and in Switzerland.

Obregón went on to acknowledge that Venezuelan export revenues are currently deposited in a US Treasury account before US officials decide on the disbursement amounts and timings back to Caracas.

“There is a state-to-state agreement to receive Venezuelan funds in Treasury accounts,” he disclosed, echoing Washington’s assertion that its seizure of Venezuelan export proceeds aims to protect them from potential creditor claims. 

“The channeling of revenues through the US Treasury could be considered a protection measure, since there are debt claims against PDVSA and creditors could target our accounts,” he argued.

Neither US nor Venezuelan authorities have disclosed the amount of revenue collected and disbursed back to Caracas. Luigi Pisella, an advisor to Acting President Delcy Rodríguez, claimed that the Trump administration is deducting the costs of its January 3 military operation against Venezuela from the country’s funds.

The costs of goods and services supplied by US-based exporters to Venezuela are also being directly deducted from the funds held in the Treasury accounts.

Apart from controlling export earnings, US officials have publicly participated in a pro-business overhaul of the Caribbean nation’s hydrocarbon law and regulations, including reviewing drafts of the legislation.

The Trump administration has maintained sanctions on the Venezuelan oil industry while issuing licenses for select Western corporations. US Energy Secretary Chris Wright oversaw the signing of agreements with Chevron, Eni, and smaller US-backed energy firms during a visit to Caracas earlier this month.

Edited by Lucas Koerner in Philadelphia, USA.

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Lincoln Riley defends USC amid criticism of season opener crowd

After sparse attendance during USC’s season-opening win over San José State turned the Trojans into a national punchline during the weekend, USC coach Lincoln Riley responded Tuesday, dismissing what he called a “false narrative” being spread about the program in recent days.

“I think that comes from a lot of people who don’t follow our program, most of those who have never stepped foot in the Coliseum,” Riley said. “The reality is, during my years here, attendance has gone up every single year. As has our play in the Coliseum, including running the table last year in front of a lot of epic atmospheres. And I expect that to happen again this year.”

Average attendance for USC football games at the Coliseum actually dropped from the 2024 to the 2025 season, from an average of 71,571 to 67,783. But the 2025 season also featured fewer marquee home matchups, plus one game soaked by heavy rain (Iowa), and it was still the second-best average attendance of Riley’s four seasons as coach.

Saturday, though, marked the smallest home crowd at USC since late in the 2018 season, when the Trojans had their worst finish for the program in a quarter century, under former coach Clay Helton.

Much of that was due to the scorching heat throughout the Southland, which reached a heat index about 100 at the Coliseum on Saturday. It was so hot and humid that Lee Feaster, a native Texas and the father of freshman wideout Boobie Feaster, said on Tuesday that his wife passed out during the game and still had blisters.

But the attendance announced by USC — 51,144 — admittedly felt generous.

Attendance was that low just once under Helton, for a 38-35 loss to Arizona State, the weekend before Halloween in 2018. But average attendance plummeted after the 2017 season as fan sentiment turned on Helton. For the rest of Helton’s tenure, from 2018 to the start of 2021, USC reached the 60,000-fan mark just four times.

Empty swaths of Coliseum bleachers hadn’t been as much of a concern for Riley, who had never fallen below the 60,000-fan mark at home until Saturday. But as photos of the poor attendance circulated on social media during the weekend, USC chose to release a statement responding to the online derision.

“We understand the factors that impacted Saturday’s attendance,” the statement read. “We have high expectations and a premier home schedule this season, and we know the competitive advantage an electric Coliseum atmosphere can provide our program. We thank our fans who showed up Saturday and look forward to seeing increased attendance the rest of the season.”

The response, though, only poured gasoline on a viral fire.

By Monday, the conversation had crossed over from critical posts on social media to Riley’s coaching peers roasting USC, starting with his alma mater.

“Not to take any shots because I have a lot of respect for USC and Lincoln Riley, but man it’s really awesome to be playing Lubbock, Texas, in front of 60,000,” Texas Tech coach Joey McGuire said. “And it’s going to be warm. It’s going to be every bit as warm as it was Saturday. The great thing is we’ve got some really tough people in West Texas that love their football. They’re gonna show up no matter what the weather’s like. There’s not going to be any excuses of why they’re not here for us.”

A fan covers takes cover under a poster during USC's season opener against San José State Saturday at the Coliseum.

A fan covers takes cover under a poster during USC’s season opener against San José State Saturday at the Coliseum.

(Ronaldo Bolanos/Los Angeles Times)

New California coach Tosh Lupoi piled on some more Tuesday.

“To turn on the TV, to see that environment in Los Angeles, that’s disheartening to see,” Lupoi said in Berkeley. “I can guarantee you, that’s a completely different environment here.”

USC should have a much more temperate environment to play on Friday, when it kicks off against Fresno State at 6 p.m. at the Coliseum. And Riley knows the world will be watching closely, to see how many seats are filled for the Trojans’ second game.

“This is USC, right?” Riley said. “People are going to pay attention. People are going to have an opinion. It’s part of being a blueblood school.”

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Atty. Gen. Todd Blanche defends his record as political pressure mounts

Atty. Gen. Todd Blanche’s fidelity to President Trump nearly cost him his confirmation. Now comes Blanche’s real test.

Trump’s former personal attorney has stepped into the commanding role facing a challenge that other leaders of the Republican president’s Department of Justice could not overcome: threading the needle between Trump’s boundary-busting demands and a prosecutor’s duty to uphold the rule of law. At the same time, Blanche must try to stabilize a workforce shaken by an exodus of experienced lawyers and an erosion of trust in the judicial branch.

In a wide-ranging interview with the Associated Press during a trip to Puerto Rico this week, Blanche promised to lead the department with integrity, dismissing concerns from critics who say his actions so far — including an indictment against longtime Trump foe and former FBI Director James Comey — call into question whether Blanche is still functioning as Trump’s personal lawyer.

A slew of ongoing politically charged investigations under Blanche’s watch could force him to choose between his long-standing loyalty to the president and the foundational principles of the Cabinet agency he leads. At stake is the fate of a department already reeling under a president who has made clear his desire for retribution over the criminal scrutiny he faced.

“My integrity, my commitment to the rule of law is the same today that it was the day I graduated,” Blanche told the AP when asked where he would draw the line on requests from the White House. “I would never do anything unethical or improper or violate my oath, no matter the circumstances.”

Critics disagree.

As acting attorney general, Blanche came under fire from lawmakers, including many Republicans, for signing off on a $1.8 billion fund meant to compensate Trump’s allies who believed they were politically prosecuted. He also greenlit a deal that granted Trump, the Trump Organization, and two of his sons immunity from tax audits. Those moves, unusual steps aimed at granting the president and his allies far-reaching benefits, put Blanche’s confirmation at risk, prompting key senators to express concern.

Blanche, like Trump’s other attorneys general, walks a tightrope

In the AP interview, Blanche addressed criticism of the department under his leadership, his priorities as attorney general and losses the administration has had in high-profile cases. He also depicted the Justice Department as an institution whose independence had eroded long ago — a characterization at odds with decades of fierce autonomy that challenged the highest echelons of power in Washington and beyond.

Blanche, a former federal prosecutor in New York, is walking the same tightrope as Trump’s three other Senate-confirmed attorneys general. They found their pledges to uphold the rule of law and the department’s ethical norms at odds with the president’s demands to bend the institution to his will.

During Trump’s first term, one attorney general infuriated Trump over his withdrawal from an investigation into Trump’s winning White House campaign and was forced out. Another submitted his resignation weeks after breaking with Trump over Trump’s false claims of election fraud. Blanche’s immediate predecessor, Pam Bondi, was ousted in April after failing to deliver successful prosecutions against the president’s political enemies.

Blanche’s narrow confirmation this month over opposition from two Republican senators underscored growing concerns about the dismantling of the Justice Department’s long-standing tradition of independence from the White House, which is meant to protect the impartiality of politically sensitive investigations and prosecutions.

Concerns that the Justice Department is being weaponized

Blanche bristles at the suggestion that the Justice Department should be independent of the president and he has made clear his view that the executive has both the power and the right to shape and control the law enforcement agency.

He has staunchly defended the integrity of cases the administration has brought against the president’s perceived political opponents, often pointing to his own experience representing Trump in criminal cases brought by Democratic President Joe Biden’s Justice Department. Blanche and the president have characterized those cases as politically motivated.

“I think attorneys general and others have said, ‘Oh, we’re independent.’ I don’t think that’s actually true,” Blanche told the AP.

Blanche claimed the Justice Department was not truly independent when he was a federal prosecutor or during the Biden administration. But that characterization ignores the fact that under Biden, the Justice Department investigated Biden himself over his handling of classified documents and secured felony charges in two separate cases against his son Hunter before Biden pardoned him.

The two criminal cases filed by special counsel Jack Smith against Trump were based on allegations, supported by long-running investigations, that Trump had classified documents at his Mar-a-Lago estate in Florida and obstructed government efforts to get them back, and conspired to overturn the 2020 election.

Growing distrust of the Justice Department among judges

Blanche has sought to highlight the administration’s focus on tackling illegal immigration, violent crime and drug-trafficking cartels, spotlighting cases such as the takedown of a Puerto Rican gang that he announced during his visit to the U.S. island territory.

But Blanche’s policy priorities are often overshadowed by a growing number of investigations that have drawn criticism that the department is being used as a weapon in the president’s campaign of retribution.

Blanche’s supporters have argued that the close relationship he developed with Trump while serving as his criminal defense lawyer can make him more effective at pushing back on or explaining the legal constraints of the president’s demands. Others wonder whether he will fare any better than Bondi up against the same skeptical court system, and factual and legal hurdles, that impeded efforts to deliver the sought-after results.

Blanche is also confronting growing distrust of the Justice Department among judges, who in multiple cases have accused government lawyers of withholding information or misleading courts. Courts in some cases have quashed subpoenas or ordered the review of grand jury transcripts, and the criminal cases against Comey and New York Attorney General Letitia James were dismissed after a judge found the prosecutor who brought them was illegally appointed.

But Blanche played down concerns that the erosion of judicial trust could impede his efforts to advance his agenda.

“The isolated incidents that make the news are not reflective of the way the bench feels in my view, or the way prosecutors are doing their job around the country,” Blanche said.

Richer writes for the Associated Press. AP writer Eric Tucker in Washington contributed to this report.

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Mark Walter’s TWG Global defends Dodgers financing and Lakers sale

TWG Global — the holding company of Dodgers owner Mark Walter — rejected allegations of financial impropriety in the purchase and operation of the Dodgers and reiterated the team is not for sale.

At a time insurance regulators and federal investigators are looking into allegations that insurance companies under Walter’s umbrella did not properly disclose and conduct transactions between other companies he controls, and after Walter sold his controlling interest in the Lakers at a record $12.5 billion valuation, potential bidders have monitored whether the Dodgers might be sold as well.

In a statement Tuesday, TWG Global decried “multipronged attacks against TWG … by unnamed sources with self-serving interests” and said no insurance policyholder has been hurt as a result of the company’s financial transactions.

“There is no victim here,” the statement said. “No one has been harmed, and no one has claimed they were harmed.”

In 2012, when Walter and his partners bought the Dodgers for $2 billion, The Times reported the use of $1.2 million from Guggenheim Partners insurance funds into the deal. At the time, rival bidders expressed concern over the unusual financing, but state insurance regulators cleared the deal and Major League Baseball approved it.

“The transaction was subject to a full investigation conducted by an outside law firm on behalf of insurance regulators from multiple states,” the statement said, “which identified no irregularities and resulted in no further action.”

Even with the Dodgers issuing over a billion dollars in deferred contracts and amid whatever transactions might have been conducted between TWG-related insurance companies and the Dodgers’ affiliates — including ones that hold the team’s television rights and ticket revenues — the Dodgers’ ability to fund player contracts is not at risk, according to the statement.

“The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players,” the statement said.

The statement reiterated that, as Dodgers president Stan Kasten has said, “the team is not being sold and no sale process has been initiated.”

The Dodgers, if sold, could likely command a price in the range of $10 million to $13 million, industry analysts have told The Times.

The Lakers sold at a record price for a North American sports franchise, although industry analysts have said a competitive bidding process likely would have resulted in an even higher sale price.

Said the statement: “Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021) — hardly a ‘fire sale.’”

The statement added: “TWG is not looking to sell its sports assets at ‘fire sale’ prices to raise capital for its insurance operations.”

TWG said it is “working cooperatively and in partnership with the Delaware Department of Insurance” to resolve the regulatory issues and “is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries.”

“TWG stands firmly behind the integrity of its business,” the statement read. “Despite what has been reported, there has been no fraud.”

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Memphis Depay: Dutch forward defends music video showing Corinthians HQ ablaze

Netherlands international Memphis Depay has defended the release of his new music video showing Corinthians’ headquarters in flames as “just art” – days after a contract row with the Brazilian club.

The former Manchester United forward agreed to take a “significant” pay cut to stay at Corinthians on Tuesday.

It came a week after the club opted against renewing his contract.

But Depay has now come under scrutiny for releasing the controversial music video for his track ‘Don’t Panic’.

It was released just 24 hours after the 32-year-old helped Corinthians reach the quarter-final of the Copa Libertadores, and appears to contain references to his recent disputes with the club, showing him watching their administrative center Parque Sao Jorge in flames.

In the song, Depay does not name who he is referring to, but mentions “rivals” and sings: “I know a vice-president who is now my enemy.”

Corinthians fans are currently protesting against the club’s ownership amid growing financial and governance issues and Depay moved to dampen any potential backlash against the video before further protests, external by saying it was filmed “months ago”.

“I hope its a peaceful protest where people can express what they think calmly. About my music, I insist it’s just art,” he said on social media, external.

Referencing to the club’s headquarters’ being in flames, the Dutchman added he was “fully against any type of violence of all kind”.

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California defends childhood vaccination schedule against Trump efforts to weaken it

Health officials in California are defending the traditional childhood vaccination schedule against efforts by the Trump administration to weaken it.

The longstanding childhood vaccine schedule is safe, California’s top health official said, and continues to be recommended by the American Academy of Pediatrics — the nation’s leading group for pediatricians — as well as the other states in the West Coast Health Alliance: Hawaii, Oregon and Washington.

“They’re safe. They’re important for kids to be thriving and healthy in schools,” Dr. Erica Pan, director of the California Department of Public Health and the state public health officer, said of vaccines. And she credited California’s robust vaccine requirements as a condition of enrollment for schoolchildren as a reason why the state so far has kept a lid on the huge outbreaks of measles seen in other parts of the nation.

Her full-throated defense comes after President Trump issued an executive order Monday recommending that the singular measles, mumps and rubella, or MMR, vaccine should be separated into three and that all childhood immunizations should be given at separate visits “to the maximum extent feasible.”

“We want it in three separate vaccinations, given at separate times,” he said during the signing ceremony. “Together, there could be a possibility they’re quite lethal. And separately it looks like they are not at all lethal, but just very effective.”

The American Academy of Pediatrics blasted the order as “unscientific and dangerous,” and criticized comments made by administration officials suggesting a link between autism and vaccines — a claim that has been discredited by many studies.

“Dozens of studies involving millions of people show there is no link between vaccines and autism, and yet federal leaders continue to promote this outdated, disproven idea to scare families,” said the academy’s president, Dr. Andrew Racine.

The Infectious Diseases Society of America has been equally unequivocal.

“The MMR vaccine does not cause autism,” the group says on an online fact page, adding that the measles vaccine prevents thousands of deaths a year worldwide.

Pan said Trump’s executive order does not change vaccine requirements for schoolchildren in California. And insurance companies continue to cover vaccinations for schoolchildren.

When Trump was asked whether there was any evidence for his claims regarding the MMR vaccine, he answered: “No. What I’ve heard is that there are some people that say it is that way, and I say, ‘Well, let’s say there’s a 5% chance of it. Let’s split it up.’ ”

There is no evidence to back up those assertions, medical organizations and mainstream experts say. The first version of the combination MMR shot was approved in 1971, and versions of it have been given to hundreds of millions of children safely over several generations, with more than 90% of children receiving the shot nationally, experts say.

Combining protection against the three diseases has been considered a miracle of modern medicine. Before the vaccine era, hundreds of children a year in the U.S. were either killed by measles or suffered swelling of the brain as a result of the disease. Tens of thousands were also hospitalized each year.

Mumps can cause deafness and inflame the brain, pancreas, testicles, ovaries and breast tissue. And rubella risks causing severe birth defects in pregnant women.

“There is no data supporting doing this in separate shots,” Pan said. “And, in fact, it will take more visits and more pokes in the arm, literally, for children to do this.”

With vaccination rates declining in many parts of the country, measles has resurged in the U.S. in the past two years, resulting in the first child deaths from the disease in 22 years, as well as hundreds of pediatric hospitalizations.

So far this year, there have been 2,566 cases of measles nationwide, which is already more than the 2,289 reported in all of 2025, according to data from the U.S. Centers for Disease Control and Prevention. The most recent case count is also higher than any calendar year since 1991 — the final year of the nation’s last measles epidemic.

Beyond scheduling difficulties for parents, clinics and doctors’ offices, no company even makes separate immunizations for measles, mumps and rubella, Pan said. “There’s no scientific basis for it. There’s no current availability to do that.”

Trump’s executive order further recommends that children should get vaccinated against 11 diseases, a reduction from the 18 currently recommended by the CDC. The order also suggested that his administration would challenge certain states’ laws that require vaccination as a condition of entry into schools.

California in 2015 enacted a law that strengthened vaccine requirements for schoolchildren. The law ended the ability of parents to cite personal beliefs in seeking to exempt their children from certain vaccinations.

Children can still be exempted and attend school in California if they have a medical reason. And California law does allow parents to skip immunizations for children who are enrolled in independent study programs and do not receive classroom-based instruction.

California’s law was passed following a large measles outbreak centered at Disneyland that resulted in 131 cases in California alone, and spread to six other states, as well as Canada and Mexico. At least 12 of those infected in California were infants too young to be vaccinated.

After the law passed, California saw its measles vaccination rates improve. In 2013, the vaccination rate among California kindergartners hit a low of 92.3%, below the 95% threshold doctors say is needed to keep a lid on outbreaks. Since the law took effect, that rate has ranged between 95.1% and 97.3%.

The most recent figure was 96.1% for the 2024-25 school year.

States that have suffered large measles outbreaks have poorer vaccination rates. South Carolina, for instance, has been home to an outbreak linked to about 1,000 cases — considered one of the largest in the U.S. in more than 30 years. That state’s most recent kindergarten measles vaccination rate was 91.2%, well below the optimal 95% threshold.

There are five immunizations required as a condition of entry into kindergarten in California: polio; DTaP, which protects against diphtheria, tetanus and pertussis; hepatitis B; MMR; and varicella, or chickenpox.

California’s most severe measles epidemic in recent memory occurred between 1988 and 1990 — an era before health officials recommended children receive a second dose of the measles vaccine. That epidemic led to 75 deaths in California and more than 3,000 hospital admissions. A major problem officials identified at that time was that poor parents could not afford vaccinations for their children. One of the nation’s largest outbreaks in 1989 involved mostly preschool-aged children in Los Angeles.

There was also a national measles epidemic between 1989 and 1991, which, according to a study published by the CDC, led to 166 suspected measles deaths and more than 11,000 hospitalizations.

Recommendations to give children a second dose of the vaccine, and the introduction of the federal Vaccines for Children program in the 1990s to help parents pay for immunizations, were credited with driving measles circulation down to historic lows.

Doctors say that it has been striking to see the U.S. go from a place where ongoing domestic measles transmission was effectively eliminated in 2000 to being on the precipice of the disease regaining a foothold.

“We’re seeing in this country cases, hospitalizations and deaths higher than we’ve seen in over 30 years,” Pan said. “We did such a great job — we eliminated measles by the year 2000, and now we’re going backward.”

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Hunter Biden defends Tucker Carlson over Netanyahu comments | News

Hunter Biden has defended US journalist Tucker Carlson against anti-Semitism allegations, arguing that if calling Israel’s Prime Minister Benjamin Netanyahu “evil incarnate” is considered anti-Semitic, then he “doesn’t know what to say to people anymore.”

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