The U.S. and Venezuela have reportedly agreed on a major 100-year oil partnership covering 17 oil fields with an estimated 65 billion barrels of proven potential.

The deal could bring up to billion in investment into Venezuela’s oil industry, helping rebuild production and infrastructure. Venezuelan crude could also help refill the U.S. Strategic Petroleum Reserve$ETH

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If Venezuela’s oil production rises significantly, this could bring a major shift in global crude supply and potentially have a direct impact on oil prices and energy markets.

This is one deal the global oil market will be watching closely.

#Oil #Venezuela #USA #CrudeOil #Energy #OilMarketWatch