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Commodities

US Secures Control of 65 Billion Barrels of Venezuelan Oil Reserves

Guavy AI Editorial Team
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Oil
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President Donald Trump announced that the U.S. has entered an agreement with Venezuela to take control of 65 billion barrels of its oil reserves.

The deal, negotiated by Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, marks a significant development in the country's oil industry.

Venezuela has one of the largest oil reserves in the world, with an estimated 303 billion barrels of crude oil in the ground, making up about 17% of the global supply.

The announcement comes nearly nine months after the U.S. military operation to capture Venezuelan President Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges.

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