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Trump's Venezuela oil deal prompts industry concerns
An unprecedented American deal to acquire oil fields in Venezuela has sparked debate among major producers. The deal involves a private U.S.-based company exploiting 17 oil fields with approximately 65 billion barrels of reserves for a period of 100 years, under the control of Venezuelan businessman Alejandro Betancourt. The agreement grants the United States a 35% stake in the oil company and 20% of the production, along with the right of first refusal. This has raised concerns about competition between the U.S. government and major oil companies over the same resources, especially amid declining confidence in companies like Exxon and ConocoPhillips due to security issues and previous legal obstacles. The goal of the deal is to increase Venezuelan oil production to over one million barrels per day. However, fears about the U.S. government competing with private companies remain, as initial contracts are being signed by several international oil firms operating in Venezuela.
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