US Seals Deal for Majority Control of Venezuela's Oil Reserves
US President Donald Trump announced on Friday that his administration has secured majority control of over 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business. The agreement marks an unprecedented US push to take control of Venezuela's vast oil resources, with the aim of reviving the country's battered energy industry and delivering a new source of crude to help bring down US fuel prices.
The deal would represent a dramatic expansion of the US role in Venezuela's oil industry, with Trump stating that American companies can revive the OPEC nation's production while ensuring a stable flow of Venezuelan crude for US refineries. The agreement comes after weeks of negotiations between US and Venezuelan officials, with sources previously suggesting that a lease model was under consideration.
The structure of the agreement remains unclear, with details on the fields or companies involved yet to be revealed. However, Trump emphasized that the deal would come at no cost to American taxpayers, stating that it was secured through a partnership with private business.