US Secures Historic 100-Year Oil Deal with Venezuela, Accessing 65 Billion Barrels

US President Donald Trump announced on August 29 that his administration had signed an agreement to invest in oil development in Venezuela, securing access to over 65 billion barrels of crude reserves. The deal grants the US a 35% stake in North American Blue Energy Partners (NABEP) and the right to buy 20% of crude output at cost.

The project is expected to generate more than $200 billion in tax revenue for the Venezuelan government, according to interim President Delcy Rodriguez. However, experts caution that it may take years before new oil production reaches the market, limiting the near-term effect on global crude prices and US gasoline prices.

The deal marks a strategic move by the Trump administration to counter China's influence in Latin America. Venezuela's oil shipments to China have fallen significantly since the US increased imports of Venezuelan crude and expanded local investment by US companies.