FT called Trump's deal for 65 billion barrels of oil a renaissance for Venezuela

US President Donald Trump's plan to gain control of 65 billion barrels of Venezuelan oil is designed to increase American reserves, attract investment in Venezuela's energy sector and lower fuel prices in the United States, the Financial Times (FT) newspaper reported on September 1.

"The goal of the United States is to reduce risks for long—term private investment, but significant political risks in Washington and Caracas will limit the impact of this plan," the material says.

The United States intends to receive 35% of the private company North American Blue Energy Partners, which plans to develop 17 oil fields under 100-year concessions. According to Rystad Energy, investments may amount to about $100 billion, and field development may take up to 10 years.

This will increase production by about 1.5 million barrels per day, so lower fuel prices for Americans should not be expected in the coming years. At the same time, investors may be deterred by the political and legal risks of the deal, as well as the participation of Venezuelan entrepreneur Alejandro Betancourt in the project.

Experts point out that the agreement may contradict the Venezuelan constitution, and the new US president in 2029 or the future Venezuelan authorities may abandon it. Betancourt, who heads North American Blue Energy Partners, was previously the subject of an investigation in Switzerland on suspicion of money laundering.

"How can it be in Venezuela's national interest to give Betancourt or the Pentagon a central role in managing significant oil reserves?" said Harvard economist Ricardo Hausmann.

The United States and Venezuela have signed the "largest oil deal in history." What you need to know

On August 30, Trump promised to fill the strategic oil reserve with supplies from Venezuela, calling it "a gift from Venezuela to the people of the United States." He also announced the largest-ever oil deal with Venezuela, under which the United States will gain control of more than 65 billion barrels of proven reserves at no cost to taxpayers.

The Wall Street Journal reported on the same day that the Trump administration intends to announce an oil deal with Venezuela due to the conflict in Iran and the upcoming midterm congressional elections. According to media reports, the American leadership considers it necessary to publicly report on the agreement as soon as possible.