The United States is currently negotiating with Venezuela to secure a significant stake in the country’s oil fields, which hold the world’s largest proven oil reserves. The fields under discussion reportedly contain approximately 90 billion barrels of proven reserves, while Venezuela’s oil sector currently produces between 1.1 and 1.25 million barrels per day. If successful, this deal could shift global geopolitical energy dynamics and impact future oil supply and price expectations. Current market odds for crude oil reaching a new all-time high by year-end remain modest, at 2% by September and 11.5% by December.
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