U.S. President Donald Trump has announced a major oil deal with Venezuela that could change the global energy market and create new pressure on Russia. Under the agreement, the United States is expected to gain control of a major oil project linked to more than 65 billion barrels of proven oil reserves. The American share could reach about 55%, while the project has reportedly been given development rights for 100 years, according to CBS News. Trump says the deal will help increase oil production and supply more crude to global markets. He also believes higher supplies could help reduce gasoline prices for American consumers. The agreement could also bring a huge amount of new investment into Venezuela’s oil industry. Washington expects private companies to invest close to $100 billion in the country as production and infrastructure are expanded. However, the deal could have wider consequences beyond Venezuela and the United States. Russia could face greater competition in the global oil market, especially if Venezuelan crude eventually reaches countries that currently buy large amounts of Russian oil. Economic analyst Vyacheslav Shiryaev has suggested that Venezuelan oil could eventually replace some Russian crude at Indian refineries. India has become one of Russia’s most important oil customers, particularly since Western sanctions changed Russia’s traditional European export markets. There are already signs of pressure on Russian oil exports. During the first three weeks of August, Russian oil shipments from the Black Sea port of Novorossiysk to India reportedly dropped by 4.4 times. At the same time, shipping costs increased sharply, making Russian oil exports more expensive. If Venezuela manages to increase production significantly, its additional oil could give India and other buyers another source of crude. This could reduce their dependence on Russian supplies and make it harder for Moscow to maintain its market share. The effects would not happen immediately. Venezuela needs major investment, infrastructure improvements and time to increase production. But if the U.S.-backed oil projects succeed, Russia could face stronger competition for important customers over the long term. For Moscow, the biggest concern may therefore be not today’s oil prices, but the possibility of losing major markets in the future.