US Secures Majority Control Over Venezuelan Oil Reserves Worth $65 Billion
The US and Venezuela have signed a 25-year agreement to develop 17 strategic oilfields in Venezuela, aiming to increase oil production to over 1.5 million barrels per day.
Venezuela will provide the oil and its existing industry and workers, while the US will contribute capital, technology, and operational expertise to rebuild an oil industry damaged by years of sanctions.
The deal is expected to generate about $209 billion annually for Venezuela, with a payment structure that provides $19 for every barrel of oil produced and sold to the US.
Venezuelan interim President Delcy Rodríguez stressed that Venezuela will retain ownership and sovereignty over its natural resources, while US President Donald Trump described the agreement as 'THE BIGGEST OIL DEAL IN WORLD HISTORY!'