US Secures Control Over $65 Billion in Venezuelan Oil Reserves
US President Donald Trump announced a 'historic' deal with Venezuela to control over 65 billion barrels of its proven oil reserves, more than doubling American oil reserves. The agreement would also substantially lower gasoline prices for Americans, according to Trump.
Venezuela's interim president Delcy Rodríguez hailed the deal as one that would help her nation's economic revival by bringing in nearly $100bn in private investment and supporting thousands of high-paying jobs. However, some analysts have questioned whether the deal addresses long-running obstacles that have deterred investment in Venezuela's oil industry.
US Secretary of State Marco Rubio called the oil deal 'a huge win for both the American and Venezuelan people'. Trump said the agreement was reached 'at no cost to the American Taxpayer', but details on the partnership or possible commitments and terms for the US were not provided. The US government will retain 55% control of a joint venture with an experienced private operator in Venezuela.