A new oil agreement signed between the United States and Venezuela has caused significant resonance in the global energy market. The administration of US President Donald Trump has concluded a 100-year cooperation agreement with Venezuela, which holds the world's largest proven oil reserves.
According to the Operative Information Center-OMM, the agreement grants the company "North American Blue Energy Partners" the right to operate 17 oil fields for a century.
Reports indicate that the US government will acquire a 35 percent stake in the company's parent structure. Washington will also have the right to purchase 20 percent of the produced oil at cost price. Furthermore, the US side will be granted a preferential right to purchase the remaining oil produced.
Venezuela ranks first in the world with approximately 303 billion barrels of proven oil reserves. However, years of economic crisis, sanctions, lack of investment, and infrastructure challenges have hindered the country from fully utilizing its production potential.
For the United States, Venezuelan oil holds particular strategic importance. Several oil refineries in the Gulf of Mexico are specifically adapted for the processing of heavy crude. Under the new agreement, it is reported that the US side will gain access to fields containing approximately 65 billion barrels of reserves.
The geopolitical significance of the deal is also noteworthy. By strengthening its position in the Venezuelan oil sector, the United States could significantly impact the influence of China and Russia in the region.
