According to CoinMeta, the United States and Venezuela have reached a 100-year agreement covering 17 oil fields, with an estimated 65 billion barrels of oil that can be extracted. The U.S. will receive 55% of the effective output from this joint venture and will have the right to purchase oil at cost price. Additionally, the U.S. may invest up to $100 billion in Venezuela's oil industry. Trump stated that Venezuelan crude oil will also be used to replenish the U.S.'s strategic oil reserves.