Trump announced that the USC Oil Agreement had won 55 per cent of the shares

A major oil agreement had been concluded between the United States and Venezuela, and Washington had obtained 55 per cent of its operating shares in a new joint venture covering 17 oil fields, involving over 65 billion barrels of proven reserves. The project, which is expected to operate under a 100-year concession, is likely to attract nearly $100 billion in private investment. Despite its size, the agreement is unlikely to bring an immediate surge in supply. Venezuela has about 300 billion barrels of discovered oil reserves, but, owing to years of underinvestment, sanctions and a decline in infrastructure, it currently produces only about 1.25 million barrels per day。