$100 Billion Venezuela Oil Deal Puts U.S. at Center of Future Supply
- Venezuela’s oil deal targets $100 billion in investment to boost production.
- More Venezuelan oil will increase global supply and put downward pressure on prices.
- The U.S. gains priority access to future Venezuelan crude production.
The White House has unveiled details of a major U.S.-backed agreement to develop Venezuela’s oil reserves. The deal puts North American Blue Energy Partners (NABEP) at the center of a plan that reshapes oil flows between Venezuela, the United States and global markets.
According to the White House, NABEP has received 100-year concessions to develop 17 Venezuelan oil fields holding about 65 billion barrels of proven reserves. The company plans to invest up to $100 billion in new infrastructure as it expands production.
The size of the investment makes this more than a short-term oil market story. It is a long-term plan to bring mor…
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