New Delhi, Sept. 5 -- President Donald Trump has boasted that his sweeping oil agreement with Venezuela - effectively giving the US control over much of the nation's crude wealth - is possibly "the greatest deal ever made." But most US oil executives beg to differ.

The deal involves a new Venezuelan oil venture covering 17 fields with around 65 billion barrels of proven reserves. The US government will take a 35% stake in North American Blue Energy Partners (NABEP), a private oil company led by investor Alejandro Betancourt and will also have the right to purchase 20% of its production at cost. NABEP has secured 100-year rights to develop 17 Venezuelan oil fields.

The US oil industry is concerned that it could short-circuit ongoing comm...