India Today World Desk · DistrictNews · 2026-09-01
White House backs Venezuela oil deal giving Pentagon stake in vast reserves
White House backs Venezuela oil deal giving Pentagon stake in vast reserves. Trump administration released more details of the agreement days after Trump called it the biggest oil deal in history. Venezuela's acting President Delcy Rodrguez is giving the company 100-year rights over 17 oil fields with proven reserves of 65 billion barrels. The White House has tied up with NABEP to create a US-backed venture over Venezuelan oil fields. The pact gives the Pentagon a major stake and raises questions over political risk and output recovery.
Why it matters. This agreement significantly alters geopolitical influence and control over one of the world's largest petroleum reserves through a major US-Venezuela partnership.
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