‘A new form of US colonialism’: Venezuelans bristle at US oil takeover

The US has taken majority control of Venezuela's oil reserves, causing mixed reactions among Venezuelans who see it as a loss of sovereignty but a potential step toward change.Despite the deal promising US$100 billion investment, many Venezuelans remain sceptical as Maduro's successor stays in power and no democratic transition is ensured.Venezuelans express fears of a new form of US colonialism, with some viewing the oil takeover as a necessary evil, while others worry it entrenches the existing regime further.BOGOTÁ, Colombia – Many Venezuelans suspected that there was going to be a price to pay for President Donald Trump’s brazen capture of their autocratic leader, Nicolás Maduro, who was arrested by US forces in January.On Aug 28, that cost became clear when Trump announced that the US would be taking majority control of a vast part of Venezuela’s oil reserves – national resources long considered by many in the country to be a birthright.Get unlimited access to exclusive stories and incisive insights from the ST newsroom