US Secures Control Over Billions in Venezuela Oil Reserves

The United States has reached a major oil agreement with Venezuela that would give American interests control over part of Venezuela's enormous crude reserves. The deal, announced by President Donald Trump, aims to rebuild the country's struggling oil industry and secure additional supplies of crude for US refineries.

According to Trump, Secretary of State Marco Rubio and Secretary of War Pete Hegseth worked with Venezuelan acting President Delcy Rodríguez and private companies to secure majority US control over more than 65 billion barrels of proven Venezuelan oil reserves. The arrangement would come at no cost to US taxpayers.

The agreement calls for the development of 17 strategic oil fields and includes more than $100 billion in investment, with private operators expected to play a major role in expanding oil production. Venezuela's government expects the projects to generate more than $209 billion in tax revenues.

The deal is seen as a significant increase in US involvement in Venezuela's energy sector and could strengthen Washington's position in the global energy market. It also comes at a particularly important moment for the global oil market, with ongoing wars in Ukraine and the Middle East disrupting supplies.