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The administration announced a new joint venture to acquire a majority stake in Venezuelan oil fields.

The administration announced a new public-private joint venture to acquire up to a 35% equity stake in North American Blue Energy Partners, a company that owns the second-largest private oil producer in Venezuela. This agreement, described as the biggest oil deal in world history, gives the United States access to 65 billion barrels of proven oil reserves.

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President Trump stated that the Venezuelan oil produced by the joint venture will be used to replenish the US Strategic Petroleum Reserve, which is currently at its lowest level since 1982. The State Department has the right to purchase 20% of the produced oil at the cost of production, and the right of first refusal to buy the rest of the proceeds, resulting in a total 55% stake in the new joint venture. While the deal provides access to heavy crude, the Energy Department previously determined that the cost of storing Venezuelan oil in the SPR's underground caverns would outweigh the benefits. To address this, the administration may use exchanges or sell the Venezuelan crude on the open market to purchase light oil for the reserve. President Trump acknowledged that the partnership will take several years to produce enough oil to impact gas prices before the midterm elections.

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