What Happened
Unprecedented State Capitalism In Oil Industry Raises Red Flags
The Trump administration has taken a 35% equity stake in North American Blue Energy Partners, a private oil company that controls 65 billion barrels of proved reserves in Venezuela. The deal, which gives the US majority control over a significant portion of Venezuela’s oil reserves, has sparked controversy and raised concerns about state capitalism and national security. The partnership between the US government and NABEP may encourage private investment in Venezuela, but it also faces legal and political uncertainty, according to CNBC.