US Secures Control of Over 65 Billion Barrels of Venezuelan Oil Reserves
The United States has secured majority control of over 65 billion barrels of Venezuela's oil reserves, according to US President Donald Trump.
This represents about 20 percent of Venezuela's massive oil reserves, which are the largest in the world. The agreement will cover 17 oil fields and bring Venezuela more than $100 billion in investment, as well as approximately $19 for every barrel produced.
Venezuela's interim president, Delcy Rodriguez, said that the agreement would span 25 years and would not cost the US taxpayer anything, but experts are skeptical about how it will be implemented. The deal has been criticized by Rafael Ramirez, the former head of Venezuela's state-owned oil company PDVSA, who described it as 'an agreement behind the country's back, clearly unconstitutional, that cedes control of the territory and the oil to a foreign power.'
The US strategic reserve is at its lowest level in over 40 years, following drawdowns by Trump and his predecessor Joe Biden. Trump has predicted that the deal will lower fuel costs for Americans, but experts remain more cautious, saying any impact at the gas pump would take considerable time to materialize.