Trump Secures Major Control Over Venezuela's Massive Oil Reserves

US President Donald Trump announced a major oil deal between the US and Venezuela on Friday night. The agreement gives the United States majority control over around 65 billion barrels of Venezuelan oil reserves.

The deal, which lasts for 25 years, targets production of about 1.5 million barrels per day in 17 strategic oilfields. According to Venezuelan interim President Delcy Rodríguez, the arrangement could generate approximately $US209 billion in revenue for Venezuela based on a benchmark oil price of $65 per barrel.

However, some have expressed skepticism about the deal's feasibility and potential impact on gas prices. David Goldwyn, president of energy consultancy Goldwyn Global Strategies, stated that there was 'no precedent' for the US government entering into a lease to operate Venezuelan oil fields.