US Secures Control of 65 Billion Barrels of Venezuelan Oil Reserves

Donald Trump announced on August 28 that the US has secured majority control of over 65 billion barrels of proven oil reserves in Venezuela, marking what the White House described as 'the biggest oil deal in world history.'

The agreement grants the U.S. government a 35% equity stake in North American Blue Energy Partners (NABEP), the private company holding 100-year concessions to operate 17 Venezuelan oil fields.

NABEP has committed to investing up to $100 billion in Venezuelan oil infrastructure, with the government expecting to receive approximately $200 billion in royalty and tax payments over the first 25 years.

However, energy experts warn that the deal will not deliver immediate benefits to American consumers. David Goldwyn, who served as a State Department special envoy for international energy affairs under President Barack Obama, told CNBC that 'this will have absolutely no impact on gasoline prices or Venezuelan production for that matter for years to come.'