Trump vows US will take 'all' of Venezuela's oil as deal details emerge

WASHINGTON — Days after announcing what it calls the largest oil deal in history, the Trump administration has disclosed the terms of the unprecedented deal for the US to gain access to a fifth of Venezuela's oil reserves.A White House ‌fact sheet released late on Monday outlined an arrangement under which private oil firm North American Blue Energy Partners (NABEP) would receive a 100-year lease for 17 oilfields in Venezuela holding some 65 billion barrels of oil reserves. The US will take a 35% equity stake in the corporate parent company, receive a guaranteed 20% of the oil production and hold a right-of-first-refusal to purchase all of the remaining output.Venezuela's interim authorities have granted NABEP 100-year concessions over 17 fields, with the agreement signed by US Secretary of State Marco Rubio and US Secretary of War Pete Hegseth.The Venezuelan reserves dwarf America's own, as the 65 billion barrels covered by the concessions compare with roughly 46 billion across US territory.Speaking in the Oval Office on Monday, US President Donald Trump called the reserves "unbelievable value that was sitting dormant" and added that the US is "going to be taking all of that. We'r