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Trump Touts US as Top Oil Producer After Venezuela Deal
(MENAFN) US President Donald Trump asserted late Wednesday that the United States now ranks as the world's foremost oil producer — a distinction that comes even without counting Venezuela's substantial reserves, which he said have effectively been absorbed into the American stockpile.
At a rally in Dallas, Texas, Trump praised an energy pact centered on Venezuela's roughly 65 billion barrels of proven oil reserves, calling it potentially "the biggest deal in the history of our country."
"Now we're the biggest in the world, and that's without Venezuela, which we've just added to our little stockpile," he said.
The White House disclosed particulars of the agreement, under which North American Blue Energy Partners (NABEP) would transfer a 35% equity stake in its corporate parent to the Pentagon's Office of Strategic Capital, at no expense to US taxpayers. The US State Department would separately hold the right to buy 20% of production at cost.
The White House stated that NABEP had locked in 100-year concessions spanning 17 oil fields — though Venezuelan interim President Delcy Rodriguez had earlier described the same arrangement as a 25-year deal.
Projected to yield $200 billion in royalties and taxes over its first 25 years, according to the White House, the deal's proceeds are slated for Venezuela's reconstruction and social development efforts.
At a rally in Dallas, Texas, Trump praised an energy pact centered on Venezuela's roughly 65 billion barrels of proven oil reserves, calling it potentially "the biggest deal in the history of our country."
"Now we're the biggest in the world, and that's without Venezuela, which we've just added to our little stockpile," he said.
The White House disclosed particulars of the agreement, under which North American Blue Energy Partners (NABEP) would transfer a 35% equity stake in its corporate parent to the Pentagon's Office of Strategic Capital, at no expense to US taxpayers. The US State Department would separately hold the right to buy 20% of production at cost.
The White House stated that NABEP had locked in 100-year concessions spanning 17 oil fields — though Venezuelan interim President Delcy Rodriguez had earlier described the same arrangement as a 25-year deal.
Projected to yield $200 billion in royalties and taxes over its first 25 years, according to the White House, the deal's proceeds are slated for Venezuela's reconstruction and social development efforts.
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