US Secures Control of Venezuela's Oil Reserves Amid Fuel Price Concerns

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 would give American companies long-term access to a group of Venezuelan oilfields and guarantee the resulting crude supply to the United States, helping to bring down US fuel prices.

Venezuelan Interim President Delcy Rodriguez welcomed the deal, saying it would allow for a significant increase in production through the development of 17 strategic fields and result in tax revenue for the country totaling $209 billion.

However, analysts have expressed caution over the agreement's legal and financial structure, as well as its potential to address the obstacles that have deterred investment in Venezuela for years.