$100 Billion Deal Seals US Control Over Venezuelan Oil Reserves

The White House has unveiled a major U.S.-backed agreement to develop Venezuela's oil reserves. North American Blue Energy Partners (NABEP) has received 100-year concessions to develop 17 Venezuelan oil fields with about 65 billion barrels of proven reserves.

The company plans to invest up to $100 billion in new infrastructure as it expands production, a move that should increase global supply and put downward pressure on prices.

This long-term plan puts the U.S. at the center of future oil flows between Venezuela, the United States, and global markets.