US Secures 65 Billion Barrels of Venezuelan Oil: Could This Be Bullish for Bitcoin?

US President Donald Trump called it the largest oil deal in history. Can it impact crypto? The United States has secured majority control of more than 65 billion barrels of Venezuela’s oil reserves, which could reshape global energy markets, but does it actually matter for bitcoin and crypto? President Trump announced on Friday that the US had secured majority control through an agreement involving Washington, Venezuela, and private businesses. He called it the “biggest oil deal in world history” and said it would substantially increase America’s effective oil reserves and ultimately bring down fuel prices. 65 Billion Barrels, But There’s a Catch The analysts at the Kobeissi Letter noted that the US currently has around 46 billion barrels of proven domestic crude reserves. Adding control over another 65 billion would bring the combined figure to over 110 billion, roughly 7% of global proven reserves. In other words, the US-controlled total would be around the same as the UAE’s and ahead of Kuwait’s. According to some leaked details, the deal covers 17 Venezuelan oilfields, including projects in the resource-rich Orinoco Belt and Lake Maracaibo. A new structure would give the US a m...