White House unveils details of Trump's Venezuela oil deal

The Trump administration released a fact sheet detailing a deal to gain access to Venezuela's oil industry. The US is creating a private joint venture with North American Blue Energy Partners (NABEP), owned by Venezuelan businessman Alejandro Betancourt. NABEP will invest $100bn in oil infrastructure. The Pentagon's Office of Strategic Capital will have a 35% ownership stake, and the US will have the right to buy 20% of output at cost. Venezuela's acting President Delcy Rodriguez is granting 100-year rights over 17 oil fields with proven reserves of 65 billion barrels, many previously controlled by Russian or Chinese firms. The deal was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio. Analysts are skeptical, saying it will take years to revive production, but Trump pitches it as a chance to develop a new oil giant. Trump acknowledged prices won't fall immediately and said the deal would help refill strategic reserves.