US secures majority control of 65B barrels of Venezuelan oil via private deal

The US, through private firm NABEP, has secured 100-year concessions on 17 Venezuelan oilfields with 65 billion barrels of proven reserves, including a 35% Pentagon stake and 20% State Department offtake. This marks a major shift in US-Venezuela energy relations, potentially altering global oil supply dynamics. China, a key buyer of Venezuelan oil, is watching, as the deal could disrupt its access to crude and geopolitical influence in the region.