US Secures Control of Venezuelan Oil Reserves in 'Biggest Deal in World History'

The United States has secured control of a significant portion of Venezuela's vast oil reserves, with President Donald Trump announcing that his government and Venezuela's interim President Delcy Rodriguez have reached a deal. The agreement will give the US majority control over more than 65 billion barrels' worth of proven oil reserves, an amount roughly equal to a fifth of Venezuela's total reserves.

The deal involves 17 strategic oil fields in Venezuela, with the US partnering with a private business to extract the fuel. Trump has hailed the agreement as 'the biggest oil deal in world history', claiming it will more than double American oil reserves and lower gas prices for Americans.

However, some analysts have questioned the accuracy of the 65-billion-barrel figure, suggesting that it may be a publicity stunt to boost Trump's chances in the upcoming midterm elections. Oil market researcher Rory Johnston said the number 'is a red herring and will have little relevance to any actual deals', adding that details about the agreement remain unclear.

The deal marks a significant shift in US-Venezuela relations, which were strained under former President Nicolas Maduro's leadership. Trump has repeatedly clashed with Maduro, accusing him of sending drug-traffickers into the US and denouncing his efforts to nationalize Venezuela's oil industry.