US Secures Control of Venezuela's Vast Oil Reserves

The U.S. has entered an agreement with Venezuela to gain control of its vast oil reserves, according to President Donald Trump.

The deal would give the U.S. access to 65 billion barrels of untapped oil at cost and allow it to partner with a private operator in Venezuela to create a new company.

The agreement would grant the U.S. 55% effective output of the new company, including an ownership stake and rights to buy oil at cost, making it one of the largest corporate holders of proven reserves after Saudi Aramco.

Venezuela's acting President Delcy Rodríguez said the deal could draw $100 billion in investment into Venezuela's oil industry and yield over $209 billion in taxes for Caracas.