President Donald Trump announced on August 28 that the United States had secured a majority stake in more than 65 billion barrels of Venezuelan oil reserves, through a joint venture holding a 100-year lease on 17 oil fields. Washington controls 55% of this entity which could attract over $100 billion in investments. Paradoxically, Brent crude did not fall but climbed from about $88 to $90.48 per barrel, as traders focused on the prospect of immediate supply threats in the Middle East rather than Venezuelan barrels that will not flow for years. Venezuelan production, which fell to about 1 million barrels per day from over 3 million in the late 1990s, is projected to grow by only 17% by 2028 according to Rystad Energy.
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