Donald Trump's Venezuela deal is bold but dodgy

Oil made Venezuela rich. For decades it helped fund a stable democracy with the highest living standards in Latin America. The country was pumping 3.4m barrels a day when Hugo Chávez, a left-wing populist, was elected in 1998 on a promise to redirect petrodollars to the poor. Instead, under his corrupt, incompetent regime, the flows of oil and cash largely dried up. Under his chosen successor, Nicolás Maduro, the state went on a money-printing spree, sparked hyperinflation and drove a quarter of Venezuelans to emigrate.

Eight months ago, when Donald Trump had Mr Maduro snatched by special forces and dumped in a Brooklyn jail, Venezuelans cheered. Now Mr Trump has made a deal with the ex-despot's deputy, Delcy Rodríguez, that both sides say will revive Venezuela's oil industry. Mr Trump called it the "BIGGEST OIL DEAL IN WORLD HISTORY". He crowed that it would give energy security to the United States (after his war of choice in Iran interrupted global supplies). The deal is certainly bold. But it is also ugly.