Trump Announces Partnership to Secure Venezuelan Oil Reserves

US President Donald Trump has announced an agreement to secure majority control of Venezuela's oil reserves through a partnership with private businesses.

The deal, which would give American companies long-term access to Venezuelan oilfields, aims to provide stable and lower-cost oil for the US while bringing in nearly $100 billion in private investment to Venezuela.

Venezuela holds the world's largest proven oil reserves but produces about 1.25 million barrels per day, far below its potential after years of underinvestment, mismanagement, and sanctions.