Washington, 10 September (H.S.): US President Donald Trump has claimed that the United States has now become the world’s largest oil-producing country. Addressing a rally in Dallas, Texas, Trump said the figure did not include Venezuela’s vast oil reserves.

According to Türkiye’s state-run Anadolu Agency, Trump praised a new energy agreement reached with Venezuela and described it as potentially “the biggest deal in American history.” He said the United States was now the world’s largest oil producer and that Venezuela, which he said had just been added to the country’s “small reserves,” was not included in that assessment.

Referring to Venezuela’s estimated 65 billion barrels of proven oil reserves, Trump said the agreement would further strengthen America’s energy capacity. According to the White House, the agreement forms part of a broader plan focused on increasing oil production and supporting the reconstruction of Venezuela’s energy sector.

Under the agreement, North American Blue Energy Partners (NABEP) will provide a 35 per cent equity stake in its parent company at no cost to the Pentagon’s Office of Strategic Capital. In addition, the US Department of State will have the right to purchase 20 per cent of the oil produced at cost.

The White House said NABEP has secured 100-year concessions for 17 oil fields in Venezuela. However, Venezuela’s interim President Delcy Rodriguez had earlier described the agreement as a 25-year deal.

The discrepancy between the two sides’ statements regarding the duration of the agreement has raised questions about the precise terms and structure of the deal. The White House has claimed that the energy agreement could generate approximately $200 billion in royalties and tax revenues during its first 25 years.

According to the US administration, the revenue is expected to be used for Venezuela’s reconstruction, economic development and social welfare projects. The Trump administration is presenting the agreement as a significant step towards strengthening US energy power while also helping revive and develop Venezuela’s extensive oil resources.

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Hindusthan Samachar / Jun Sarkar