President Donald Trump, the US leader, revealed during his speech to the United Nations General Assembly that the United States and Venezuela have signed the largest oil deal in history, covering 65 billion barrels of oil. Trump stated that this deal will be enormously beneficial to both Venezuela and the United States and will help lower energy costs worldwide. At the same time, the US leader said that the world's largest oil companies are moving into Venezuela and that the figures are incredibly large. He also said that combined, the United States and Venezuela will hold more than 60% of all the oil in the world.
The massive Venezuela oil deal and influx of major oil companies imply increased global supply, weighing on Brent crude.
US-Venezuela deal to bring 65 billion barrels and major oil companies into Venezuela signals higher global crude supply, pressuring WTI.
